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Shiba Inu has dipped by 22% in a week, with another 1.79% drop added to the mix yesterday.
Is the world’s second-biggest memecoin losing its steam, and you should go elsewhere, or does the recent drop signal an upcoming price jump that will push SHIB closer to its all-time high level?
Shiba Inu has Gone Through a Weekly Dry Run
Shiba Inu has experienced a weekly loss of 18.7%. The memecoin has dropped by 1.79% in the last 24 hours alone
At press time, the SHIB price stands at $0.0000083, accompanied by a market capitalization of $4.8 billion and a 24-hour trading volume of $148 million, which is 11.40% lesser than the day before.
Will Shiba Inu Go up?
While Shibarium got released after much anticipation, it has next to no effect on the Shiba Inu price chart.
The reason could be what Shibarium represents, a way by Shiba Inu to let go of its memecoin roots and become a serious asset.
Shibarium went live on August 17th, giving users a blockchain that is more scalable, efficient and has fewer blockchain-related drawbacks than Ethereum.
While the current reception to this blockchain is lukewarm, Twitter shows that the crowd is waiting, with many followers saying, “only about a matter of time we see shib to the moon.”
Only about a matter of time we see shib to the moon
— Henrycruz🇰🇪 (@henrycruz949) August 19, 2023
There are many other positive reactions, which are responses to the Shib team posting that they are tirelessly working to scale Shibarium.
#SHIBARMY our team is working tirelessly to scale Shibarium. Dive into the latest blog post update about our efforts here: https://t.co/CmIt9upxMC
— Shib (@Shibtoken) August 19, 2023
The team said in a blog post that they have already scaled the operations for Shibarium by 1500%, with more increases on the way.
These scaling efforts could mobilize investors to pay heed to what Shibarium has to offer, which could pump the price of Shiba Inu. However, it still remains a speculation.
Shiba Inu Price Analysis
The memecoin has largely traded in the red since August 19th. However, hourly price charts also show that there is a red and green candle coupling (a red candle followed by a green candle), which means a tug of war is going on between the bears and the bulls, and bulls have some control – despite the weekly loss Shiba Inu has experienced.
After reaching an intra-day bottom of $0.0000082, Shiba Inu has been trying to move up in the price charts. The memecoin’s RSI is closer to the oversold zone but is getting near to the middle, and its MACD is negative – both indicating that the overall sentiment about SHIB is still indifferent.
However, this speaks of the dissonance between what people say on Twitter and what’s happening on the price charts. It could mean that crypto Twitter users and investors may not be on the same page. That mixed sentiment can create a volatile ecosystem for SHIB, which could act as the catalyst for its upcoming growth.
Shiba Inu Alternative – Chimpzee
Chimpzee is a green cryptocurrency that has recently gained more momentum during its presale.
This project leverages multiple attributes of the “earn” ecosystem to provide a way for users to earn money while protecting the environment.
These three mechanics are Shop to Earn, Trade to Earn, and Play to Earn.
Shop to Earn is how you can earn CHMPZ tokens by merely shopping on the Chimpzee shop
With Trade to Earn, you can earn CHMPZ tokens by merely trading NFTs on the Chimpzee marketplace.
With Play to Earn, you can play a Zero Tolerance Game and earn CHMPZ tokens for completing tasks.
These factors have contributed to Chimpzee raising more than $1.2 million. Those interested in this unique presale project should go to chimpzee.io.
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