Shiba Inu (SHIB) has faced some turbulence recently, with its journey over the past month or so marked mostly by lacklustre price movements. As Bitcoin’s price fluctuates, SHIB’s performance has increasingly become closely watched by investors and enthusiasts alike.

It shall be recalled that in the lead-up to the launch of its mainnet Shibarium, SHIB displayed promising signs as holders continue to envision a $0.001 price. The SHIB price saw a significant uptick, rising to a relevant level in the medium term. However, this rally was short-lived, and the “Buy the Rumor, Sell the News” adage came into play.

Just before the mainnet’s launch, profit-taking took centre stage, causing a sharp decline in the SHIB price. The meme coin lost over 30% of its value, struggling to recover from the subsequent sell-off.

Shibarium’s Activity Soars

However, on a more positive note, Shiba Inu’s Layer 2 network, Shibarium, has experienced rapid growth since its launch on August 28th. The network recently surpassed the one-million-wallet mark, indicating increased user adoption and engagement.

At press time on Tuesday, that number stood at 1.25 million, according to data from Shibariumscam. Transaction activity on the network has also increased, with approximately 3.3 million transactions being processed since the Layer 2 protocol launched.

That said, while Shibarium’s activity has been on the upswing, it has had a limited impact on the prices of tokens within the Shiba Inu ecosystem. Over the last month, SHIB’s price has seen a 6% decline, with other tokens in the ecosystem, like BONE, experiencing double-digit losses.

LUCIE’s Strong Belief in SHIB

Nevertheless, amid these developments, LUCIE, Shiba Inu’s lead marketing strategist, expressed unwavering confidence in SHIB’s potential. In a Monday tweet, LUCIE shared a vision for the market, suggesting that significant fluctuations in Bitcoin’s price could be a catalyst for altcoins like SHIB.

“My personal vision of the market is that we first need to witness significant $BTC price fluctuations. Once the fear of missing out (FOMO) sets in and new investors and money start flowing back, we will gradually see altcoins gaining momentum. $SHIB is one of the most listed altcoins, and I have no fear or concerns about its potential.” She wrote.

Notably, SHIB’s price has continued to maintain stability above $0.000007. While a brief weekend spike occurred, breaking through the key resistance at $0.0000075 remains challenging. Meanwhile, the MACD hints at a potential buy signal, with the 10 and 20 Exponential Moving Averages (EMAs) converging as they trend upward.

At the time of reporting, SHIB was trading at $0.00000728 after a 3.27% drop over the past 24 hours.

---

Filed under: Bitcoin - @ October 3, 2023 4:17 pm