Recent price fluctuations in Shiba Inu cryptocurrency have caught the attention of investors and analysts. Despite Shibarium's achievements, SHIB's price shows a sustained downward trend.
Shiba Inu and Shibarium News
Shiba Inu's price ([SHIB](https://crypto.news/price/shiba-inu/)) fell to $0.00001215, its lowest level since March 14, and 23% below this year's peak. This drop occurred after Shibarium, its layer-2 network, [crossed the 1 billion milestone](https://www.shibariumscan.io/stats) in terms of transactions. On the same day last month, the network had 948 million transactions.
Technical Analysis of Shiba Inu Price
The daily chart shows that SHIB has been in a sustained downtrend over the past few months, falling from a high of $0.00003340 in November to $0.00001088. It recently rebounded to a high of $0.00001570 and is now approaching support at $0.00001080, a level that suggests the formation of a double-bottom pattern, a popular bullish reversal signal.
Future Prospects for Shiba Inu and Shibarium
According to DeFi Llama, Shibarium has a total value locked of over $2.17 million, making it smaller than some newer chains like Base and Berachain. Shibarium's success is likely to benefit Shiba Inu, as some of the BONE fees on the network are converted into SHIB and then incinerated. A recent post on X by Shibarium Updates mentioned the network's transition to a 'gold age' of maturity and real-world value.
Therefore, despite current market challenges and falling prices, there remains growth potential for Shiba Inu and the Shibarium network due to the new achievements and patterns forming in the market.
