Meme coins are known for their inconsistent rallies. However, Shiba Inu [SHIB] has been in a slump lately. The asset has been struggling in terms of price despite several timely updates on its network. However, this could be good considering SHIB’s volatility has been decreasing.
As seen in the above chart, Shiba Inu’s volatility is much lower than it used to be at the time of its launch. Despite this, a vast majority were thinking of getting rid of their holdings.
Over the last seven days, Shiba Inu has plummeted by 10%, and by 24% since last month. At press time, the meme coin was trading for $0.00001118 with a 1% daily surge. Amidst this, prominent crypto influencer, Sydney Ifergan took to Twitter to note that he was contemplating selling his SHIB tokens.
This move was certainly bearish for the asset. The buzz around the launch of Shibarium was also dying down as the community was growing wary. The layer-2 update is still in the works, and every update around it has boosted the price of BONE as opposed to Shiba Inu.
In addition to this, the trading volume of the network also took a backseat. The 24-hour trading volume of Shiba Inu dipped by 15.22%. All these factors proved to be bearish for the network. Subsequently, SHIB holders were at a loss.
As per Into The Block, a whopping 64% of SHIB holders were not making money at the asset’s current price. Only 31% were pocketing profits. Despite this, Ethereum whales continued to trust the meme coin. WhaleStats revealed that Shiba Inu was the most-held token by the top 1000 ETH whales.
Shytoshi to steer away from Shibarium projects?
The lead developer of the Shiba Inu network took to Twitter to reveal that he would not follow any more Shibarium projects. Shytoshi Kusama declared that since the Layer 2 solution is increasingly being misrepresented in order to advance these initiatives, he would no longer be able to follow any more Shibarium-related projects.
As seen in the tweet, Shytoshi was excited about the increased number of projects that were submitted. Throughout the weekend, Shytoshi committed to responding to those submissions by email. While the date of the launch of Shibarium is still uncertain, the community hopes to see some boost in the price of Shiba Inu.