CandleFocus Shiba Inu price stuck in a range as Shibarium activity dries
2024-10-09
Author: Content Editor
The price of Shiba Inu (SHIB) has remained stable but has underperformed other newly minted meme coins like Popcat, Neiro, and SPX6900. Shiba Inu's underperformance may be due to the popularity of these newer meme coins that are generating strong returns. Additionally, Shiba Inu's performance has been impacted by a decrease in traction in its layer-2 network, Shibarium, with a drop in active accounts and transactions. The token's open interest in the futures market has also decreased. However, on the daily chart, SHIB has rebounded above a falling wedge pattern and remains above key moving averages. If it surpasses the resistance level at $0.0000187, it could indicate further upside potential.
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