Following a period of bullish trends in the cryptocurrency market, Shiba Inu (SHIB) has experienced a similar stagnation in its price movement. Despite this, the Layer 2 Shibarium network has shown significant growth. Over the past week, SHIB's value has increased by approximately 9.5%, although the momentum has slowed down recently.

Price Analysis of SHIB

Within the last 24 hours, SHIB's value has only seen a 2% increase, currently trading at $0.00003047 with a market value exceeding $17.9 billion. This slow price action has resulted in a decrease in SHIB's social metrics, with social volume dropping according to Santiment data. Concurrently, the weighted sentiment has also decreased due to the surrounding downtrend.

While Shiba Inu's price remains stable, Shibarium's network activity has seen growth. Shibarium has processed over 400 million transactions, with the total number of transactions exceeding 413 million. The daily transactions reached over 58,000, and the total number of wallets amounted to 1.38 million.

Expectations for Shibarium

Despite Shibarium's strong performance, SHIB may not see an immediate positive response. Glassnode data analysis showed an increase in Shiba Inu's network-value-to-transaction (NVT) ratio on March 28, indicating a potential overvaluation leading to a price drop. Additionally, there has been a slight increase in SHIB's supply on exchanges, particularly from top addresses.

These metrics suggest high selling pressure on Shiba Inu and the possibility of a price decrease. Bollinger Bands indicated less volatility in SHIB's price, reducing the likelihood of an upward movement. However, the relative strength index (RSI) rising above the neutral level suggests potential volatility in SHIB's price action in the near future.