The recent price action of Shiba Inu might be disappointing for some investors as the crypto has seen a 30% decline over the past 30 days. However, there is optimism in the air as recent on-chain data and technical analysis suggest that a turnaround could be on the horizon. The current price dip has put Shiba Inu in the accumulation zone, potentially indicating the beginning of a new bullish trend. Additionally, a significant 493% increase in transaction fees on the Shibarium network suggests that now could be a great time for investors to consider accumulating more Shiba Inu.
During the past few weeks, Shiba Inu has experienced a significant drop in price, falling to a 100-day low and losing billions in market cap. This downward trend has been attributed to investors pulling out of meme coins, with Shiba Inu being no exception. Despite the decline in price, this presents an opportunity for traders to buy Shiba Inu at a lower price point, potentially signaling a reversal of the bearish trend. Despite the price drop, activity on the network has actually increased, with transaction fees on the Shibarium network surging by 493% in the last week.
As Shiba Inu continues to consolidate around $0.00001702, experts are divided on the future of meme coins like SHIB. Some, like Ki Young Ju, CEO of CryptoQuant, believe that the current downtrend could signal the end of meme coin dominance in the altcoin market. On the other hand, analyst Javon Marks is more optimistic about Shiba Inu’s potential, suggesting that the recent pullback could create an opportunity for further upside. Marks predicts that Shiba Inu could potentially see a 294% increase from its current price levels, with price targets set at $0.000081 and $0.0001553.
Overall, despite the recent price dip, there is a sense of cautious optimism surrounding Shiba Inu. The accumulation zone and increased transaction activity on the Shibarium network could be signs that a bullish trend is on the horizon. With experts divided on the future of meme coins in the market, investors will need to carefully monitor the situation and keep an eye on potential price targets. As always, it is important to conduct thorough research and consider all factors before making investment decisions in the volatile world of cryptocurrencies.