Shiba Inu, a decentralized meme coin that emerged in late 2020, has established itself as a significant player in the cryptocurrency market. Initially launched under the pseudonym 'Ryoshi,' it quickly gained popularity and value among investors. Ethereum whales holding over 20% of the total supply further emphasize its position in the market.

The recent upgrade to the Shibarium network by the Shiba Inu team aims to enhance efficiency by reducing token bridging times to Ethereum from seven days to approximately 45 minutes. This optimization marks a crucial improvement in user experience and operational effectiveness.

SHIBA Transaction Overview

The upgrade of Shibarium targets faster withdrawals and cross-chain transactions to address delays in smart contracts, which often cause missed opportunities for users.

Current data from Etherscan reveals that Shiba Inu boasts 1,399,576 holders, indicating a slight decrease in recent months. Total transfers have stabilized at 12,957,142, while SHIBA transactions have declined to approximately 4.36k.

Dune's analysis indicates a decline in new wallet creation from April to May 2024. The TVL within Shibarium has maintained stability around $2.05 million, with decreasing derivatives volume.

Market Analysis and Predictions

Ranked 11th on CoinMarketCap, Shiba Inu faces challenges despite its $12.8 billion market cap. The trading volume has increased, displaying a consolidation pattern and a 10% intraday loss.

The asset exhibits a bearish trend, trading below the 50 and 100 EMA lines. A negative crossover is possible in the near future, with resistance anticipated at $0.000035 and support levels at $0.0000185. The RSI for SHIBA is around 37, indicating a bearish sentiment.

Final Thoughts

Shiba Inu's transaction activity and user base are declining, while SHIBARIUM's TVL remains stable. Despite bearish trends, the potential for a future high remains within reach for Shiba Inu in the cryptocurrency landscape.