Over the weekend, Shiba Inu's price declined as traders possibly shifted their attention to Official Trump. The article examines the reasons behind the price movements and the factors that might influence future growth of SHIB.
SHIB Price Decline and Interest in Official Trump
Shiba Inu dropped to $0.00002104, losing 8.5% in value. This decline mirrored that of other popular meme coins. It is suggested that the reason is the shift of investors to the Official Trump token, whose valuation exceeded $71 billion. However, Shiba Inu maintains potential for growth due to several factors.
Increasing Activity in the Shiba Inu Network
Despite the price drop, the Shiba Inu network is witnessing increased activity. According to Shibburn, the burn rate jumped by 950%, leading to over 30 million SHIB tokens burned. Shibarium network transactions have surpassed 815 million as address count grew to 2.1 million. Shibarium's success has a mild impact on the SHIB price, since BONE fees are partially converted into SHIB.
Shiba Inu Price Technical Analysis
The daily chart shows SHIB made a bullish breakout last week but encountered strong resistance at $0.000025. Nevertheless, SHIB remains above the 200-day moving average, indicating potential for a rebound. Further gains will be confirmed if the price moves above the key resistance at $0.000025.
Despite the recent drop, Shiba Inu retains potential for a rebound due to increasing network activity and technical signals. Investors are keeping an eye on potential developments regarding SHIB and its competitor, Official Trump.
