Shiba Inu’s 3-Month Low: Is SHIB About to Rocket or Sink?

TL;DR

• The once mighty Shiba Inu network, Shibarium, has seen a tumble in daily transactions. Is this a sign of the apocalypse or just a phase? 🤔

• But wait! There’s a glimmer of hope with some cheeky signs of recovery — low RSI and negative exchange netflow. Could SHIB be secretly plotting a comeback? 🚀

Brace for Impact? Or Maybe Just a Slight Breeze?

So, the mighty Shiba Inu has started to slow down. We know, it’s shocking. The daily transactions on Shibarium (that’s the layer-2 blockchain for those playing at home) have taken a nosedive. As of June 1, we’re looking at a measly 65,411 transactions. That’s the lowest it’s been in almost three months. I mean, c’mon, that’s practically a ghost town. 👻

And it doesn’t stop there, folks! Active accounts are now a rare sighting, and new contracts are about as common as a unicorn in the wild. The data seems to suggest that the once-bustling Shiba Inu network has gone into hibernation, potentially leading to a price plunge. Someone get these coins a cup of coffee! ☕

Now, there are some well-known Shiba Inu aficionados (and other blockchain enthusiasts who are obviously *super* objective) who think that Shibarium’s future is crucial to SHIB’s price performance. One of them is the Bitcoin evangelist, Jeremie Davinci, who casually tossed out this hot take:

“I like Shiba Inu, as you know, and I think it’ll do okay in this cycle, but let’s not get too carried away. Sure, it has utility now that they’ve got Shibarium, but, you know, there’s no one really using it. If they can fix that, then yeah, maybe to the moon. 🚀”

And as if that wasn’t enough to make you roll your eyes, there’s the “burning mechanism” — and no, it’s not some weird Shiba Inu ritual. Over the past week, the team and community have gone on a token-burning spree, torching 111 million tokens. But 🔥

The idea behind this burning frenzy is to shrink the total supply of SHIB and, in theory, increase its value. And here’s the kicker: since the burning program started, over 410.7 trillion tokens have been torched. That’s right, trillion. Yet, there are still 584.4 trillion SHIB coins floating around. So yeah, good luck with that whole ‘scarcity’ thing. 🙄

But Wait, There’s More! Bullish Signs Amid the Chaos? 🤯

Alright, it’s not all doom and gloom. If you squint really hard and tilt your head to the left, you might just spot a couple of positive signs in the SHIB sky. First up, the exchange netflow is *still* negative. Meaning that fewer people are sending their SHIB off to centralized exchanges — a.k.a. it’s not being sold off as fast as you might think. Could this mean the whales are hoarding? 🐋

And don’t forget the Relative Strength Index (RSI), which is teetering just above 30. In layman’s terms, this means SHIB might be oversold and *could* be ready for a rally. If it dips below 30, though, we’re looking at a party where only the brave survive. Keep an eye on that RSI. 📉

Read More

• The Last of Us season 2 confirms spring 2025 release on HBO

• Clash Royale Best Boss Bandit Champion decks

• Clair Obscur: Expedition 33 Ending—Maelle or Verso? All Endings and Twist Explained

• ‘Bring Her Back’ Release Date SHOCK! You Won’t Believe When It Streams!

• Ben Affleck and Jon Bernthal Reunite in The Accountant 2: A Thrilling Sequel After 9 Years

• Cookie Run: Kingdom Boss Rush Season 2-2 Guide and Tips

• Everything We Know About ‘Ginny & Georgia’ Season 3: Plot, Cast, and Release Date Revealed!

• Meet Mischa Heywood: The 15-Year-Old Horror Star Set to Dazzle Hollywood!

• Severance Season 3: Release date, trailer and everything else we know

• Terrifying Sally Hawkins horror Bring Her Back finally confirms UK release date

2025-06-02 16:18