- Shibarium’s testnet beta’s daily transactions have declined over the last few days.
- SHIB was down by over 16% last week, and the RSI was in an oversold position.
As Shiba Inu’s [SHIB] Shibarium launch draws closer, its beta testnet’s stats act strangely. Amidst this, SHIB’s market capitalization took a massive blow over the last few weeks. Will Shiba Inu lose its spot on the list of the top 20 cryptos before Shibarium launch?
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
The wait for Shibarium to end soon
As the crypto community eagerly awaits Shibarium’s mainnet launch, LUCIE, a Twitter handle that posts updates related to the Shiba Inu ecosystem, once again hinted that the launch can happen soon. A few days earlier, LUCIE also tweeted that the Shibarium launch would happen when market conditions get better.
Little tease 👀
It’s coming – let’s get physical #SHIBARMY $SHIB $BONE $LEASH pic.twitter.com/fhGJMoDEm5— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) June 14, 2023
However, it was surprising to see that ahead of launch, Shibarium beta testament’s key stats registered a decline. As per Puppyscan, Shibarium’s daily transactions were on the decline since 12 June, 2023.
At press time, the figure stood at 309,277. Apart from this, the total number of addresses on Shibarium was 16.9 million, while total transactions reached nearly 21.5 million.
Source: Puppyscan
Shiba Inu has other concerns
While Shibarium’s daily transactions declined, SHIB’s price also followed a similar trend. Over the last week, SHIB’s price declined by more than 16%.
At the time of writing, it was trading at $0.000006623 with a market cap of over $3.9 billion, making it the 19th largest crypto. However, considering the current trend, the possibility of SHIB sliding off the top 20 list can’t be ruled out.
Source: CoinMarketCap
Whales are selling Shiba Inu
Santiment’s chart revealed that the big players in the crypto market were reducing their SHIB holdings. SHIB’s supply held by top addresses declined over the last few days.
Additionally, positive sentiments around the memecoin also sank substantially last week. However, it was interesting to see a rise in SHIB’s supply outside of exchanges while its supply on exchanges plummeted.
Source: Santiment
Realistic or not, here’s SHIB market cap in BTC terms
These metrics gave hope of a trend change
CryptoQuant’s data suggested that SHIB’s exchange reserve was decreasing. A decline in that metric indicates that SHIB is not under selling pressure. The total number of active wallets used to send and receive coins has increased by 15.00% compared to the previous day, which looked positive.
Another major bullish signal was the memecoin’s Relative Strength Index (RSI), which was in an oversold zone. Therefore, how SHIB’s price behaves in the coming days will be interesting to watch.
Source: CryptoQuant
