In October, Shiba Inu faced challenges amidst the surge of new meme coins and declining activity on the Shibarium network.
Shiba Inu Price Stabilization
As of October 9, Shiba Inu was priced at $0.00001718, 21% down from its highest point this month. This decline indicates a local bearish market for the second-largest meme cryptocurrency.
New Meme Coins Capture Attention
The rise of new meme coins like SPX6900 and Popcat is putting pressure on Shiba Inu. For instance, SPX6900 soared by 300% over the past week, and Popcat surged by over 13,500% since January.
Shibarium Network Challenges
A decrease in activity on the Shibarium network has also impacted Shiba Inu. Active accounts have fallen below 500, with only 33 new users on October 8. The drop in average transaction size and volume reduces the burning of SHIB tokens.
Challenges continue for Shiba Inu due to the surge of new meme coins and issues within Shibarium. However, recovery is possible upon reaching key resistance levels.