Shiba Inu Gets Stuck In Price Range – Will SHIB Break Free?

Christian Encila

2 years ago

3 mins read

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Shiba Inu (SHIB), the beloved meme-inspired cryptocurrency, is feeling the heat as the entire crypto market bleeds red on April 21. But unlike some of its peers, Shiba Inu seems to be stuck in a price range, leaving investors wondering if it’s the calm before the storm or the new normal.

When a cryptocurrency, or any asset, is stuck in a price range, it means that it has been trading within a specific range of prices for an extended period of time, with little upward or downward movement.

As the digital asset struggles to break free from its current slump, the question on everyone’s mind is: will Shiba Inu’s bark ever match its bite?

Shibarium Beta Progress A Ray Of Hope For Shiba Inu

Shiba Inu’s dedication to growth and innovation is on full display with the recent public release of Shibarium beta’s documentation and continued project developments.

However, while the platform is making strides forward, SHIB’s price remains stagnant, as the market remains hesitant and uncertain. Despite Shiba Inu’s best efforts to expand their ecosystem and improve its capabilities, its fortunes have taken a recent hit, with the cryptocurrency experiencing a 2.30% drop in just 24 hours and a 6.84% slump over the past week, as reported by CoinMarketCap.

SHIB Burning Sees Mild Growth, Whale Trading Activity Down

As the price of Shiba Inu takes a much-needed breather, the total number of SHIB tokens being burned has seen mild but consistent growth. Within the last 24 hours alone, over 5.2 million SHIB tokens were burned, indicating that the community is taking steps to regulate the token’s supply.

Shiba Inu’s impressive performance hasn’t gone unnoticed either, as the cryptocurrency has been on a rampage for the better part of the week.

The meme coin’s network activity reached a new high at the end of March, with nearly 36,000 SHIB addresses transacting on the network.

#ShibaInu saw the largest spike in daily active $SHIB addresses over a year, with ~35,788 unique #SHIB addresses interacting on the network! pic.twitter.com/gNoH7UrYgf

— Ali (@ali_charts) April 1, 2023

According to crypto-analyst Ali Martinez, citing Santiment data on Twitter, this was the highest daily surge in active addresses recorded in 2023, setting a record high for network activity since the beginning of the year.

However, despite the launch of the highly anticipated Shibarium L2, whale trading activity has continued to decline. This suggests that the market’s largest players may be sitting on the sidelines for the time being, waiting for the right moment to make their move.

As the price of SHIB remains stagnant, it remains to be seen how these developments will impact Shiba Inu’s overall trajectory in the long run.

Shiba Inu (SHIB) market cap at $6.11 billion on the daily chart at TradingView.com

What’s Next For SHIB?

As Shiba Inu navigates through a period of uncertainty, it’s worth examining what the future holds for the cryptocurrency. While the recent Shibarium L2 launch and increased network activity have been promising developments, whale trading activity has continued to decline.

This could be an indication that the market’s largest players are adopting a wait-and-see approach, looking for more clarity and stability in the market before making any significant moves.

-Featured image from Jake A Carlson

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.