2023-7-25 18:30 |
For most of the last two weeks, Shiba Inu’s (SHIB) price has hovered just below the 0.0000080 mark. On-chain Price Volatility data suggests that most holders are taking neutral positions as they await the Shibarium Mainnet launch.
On July 24, a SHIB marketing team member, LucieShib, revealed via Twitter that the Shibarium mainnet launch is being expedited. However, as the media buzz builds up, transactional activity on the memecoin network is growing increasingly quiet.
Transactional Activity is Dropping as the Shibarium Launch NearsShiba Inu investors have been conducting lesser transaction volumes as they grow increasingly uncertain about the Shibarium launch outcome. On-chain data shows that the total number of SHIB Tokens Transferred has been in a steep decline since markets reacted to the XRP victory on July 14.
As depicted by the Cryptoquant chart below, between July 14 and July 24, SHIB Tokens Transferred dropped by 89% from 11.5 trillion to 1.3 trillion SHIB.
SHIB Price React | Tokens Transferred, July 2023. Source: CryptoquantTokens Transferred evaluates changes in network activity by aggregating the number of tokens transacted between users on a given day. When it drops significantly, as observed above, it shows that users are carrying out lower volumes of transactions.
It is no surprise that Shiba Inu’s price has marginally trended downward during this period of decline in Tokens Transferred.
Given the uncertainty that typically surrounds major network updates, this decline could persist until the Shibarium mainnet is successfully launched.
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SHIB Volatility Indicates Flat Price Action AheadThe decline in Shiba Inu transactional activity has caused price volatility to drop drastically, according to data compiled by Santiment.
As seen below, SHIB’s daily Price volatility has sunk from 0.02 to 0.004 between July 14 and July 24.
SHIB Price Action | Price Volatility, July 2023. Source: SantimentPrice Volatility measures the degree of changes in prices recorded over a given period. Typically, digital asset price rallies often coincide with periods of high volatility and intense on-chain transactional activity.
Notably, the ongoing SHIB price stickiness has coincided with the decline in SHIB Tokens Transferred, as identified above.
Unless these trends reverse, SHIB price action will likely remain neutral until investors begin to make large bets once again.
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SHIB Price Prediction: Bulls Will Likely Consolidate Around $0.000007Based on the on-chain indicators analyzed above, SHIB is unlikely to make wild price swings in the coming weeks. Rather, the bulls and bears will look to consolidate around the $0.000007 price range.
As shown below, the bears face stiff resistance around the $0.000007 mark. As seen below, the 30,000 investors that bought a total of 13.14 Trillion SHIB tokens at the minimum price of $0.000007 could trigger a price rebound.
Nevertheless, without strong bullish momentum, then the SHIB price action could head toward $0.0000065.
Shiba Inu (SHIB) Price Prediction | GIOM, July 2023, Source: IntoTheBlockYet, the Shiba Inu bulls could impose a bullish narrative if SHIB breaks above $0.000008. However, as seen above, some of the 13,000 addresses that bought 6.23 trillion SHIB tokens at the average price of $0.000008 could prevent the rally.
But if the bulls can pull down that sell-wall, Shiba Inu could rise to $0.0000085.
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The post Shiba Inu (SHIB) Price Suspense Builds as Shibarium Launch Nears appeared first on BeInCrypto.
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