Shiba Inu (SHIB) price action is calming ahead of the launch of Shibarium

For most of the past two weeks, the Shiba Inu (SHIB) price has been hovering below the 0.0000080 mark. On-chain volatility data indicates that most of the stockholders are neutral in anticipation of the launch of the Shibarium Mainnet.

On July 24, a member of SHIB’s marketing team, Lucy Shippvia Twitter It is speeding up the launch of Shibarium mainnet. However, as the media hype grows, so does the transactional activity on the memecoin network.

Transactional activity drops as Shibarium’s launch approaches

Shiba Inu investors conducted lower transaction sizes as they became increasingly uncertain of the outcome of Shibarium’s launch. On-chain data shows that the total number of SHIB converted icons It has been in a sharp decline since the markets reacted to XRP’s triumph on July 14th.

as he portrays it CryptoQuant The chart below, between July 14th and July 24th, is graying converted icons It decreased by 89% from 11.5 trillion chips to 1.3 trillion chips.

price reaction chip | Converted codes, July 2023. Source: CryptoQuant

converted icons Evaluates changes in network activity by aggregating the number of tokens traded between users on a given day. When it drops significantly, as noted above, it shows that users are executing lower transaction volumes.

Not surprisingly, the Shiba Inu price trended slightly lower during this period of decline converted icons.

Given the uncertainty that usually surrounds mainnet updates, this decline could continue until the Shibarium mainnet launches successfully.

SHIB volatility indicates steady price movement in the future

The drop in Shiba Inu transaction activity has caused price volatility to drop significantly, according to data it collected Emotion.

As shown below, SHIB’s daily price volatility decreased from 0.02 to 0.004 between July 14th and July 24th.

chip price action |  Price volatility, July 2023
chip price action | Price volatility, July 2023. Source: Emotion

Price volatility measures the degree of price changes recorded over a given period. Digital asset price spikes typically coincide with periods of high volatility and intense on-chain transaction activity.

It is worth noting that the continued stability of chip prices coincided with the decline in SHIB codes converted, as specified above.

Unless these trends reverse, SHIB price action is likely to remain neutral until investors start betting again.

SHIB Price Prediction: The bulls are likely to consolidate around $0.000007

Based on the on-chain indicators analyzed above, SHIB is unlikely to make sharp price swings in the coming weeks. Instead, the bulls and bears will be looking to consolidate around the $0.000007 price range.

As shown below, the bears are facing heavy resistance around the $0.000007 mark. As shown below, 30,000 investors who bought a total of 13.14 trillion SHIB tokens at a minimum price of $0.000007 could trigger a price rebound.

However, without strong bullish momentum, SHIB price action could head towards $0.0000065.

Shiba Inu (SHIB) Price Predictions |  Guillaume, July 2023
Shiba Inu (SHIB) Price Predictions | GIOM, July 2023, Source: IntoTheBlock

However, the Shiba Inu bulls could impose a bullish narrative if the SHIB breaks above $0.000008. However, as we saw above, some of the 13,000 addresses that bought 6.23 trillion SHIB tokens at an average price of $0.000008 could block the rally.

But if the bulls can demolish this selling wall, the Shiba Inu could rally to $0.0000085.


In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.

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