Shibarium user activity dropped significantly on July 9. The number of new addresses in Shibarium decreased by 93% to 11. SHIB is trading at $0.00001657, up 8%. There has been a huge decline in interest on the Shiba Inu (SHIB) side. The decline in demand for Shibarium, the Layer-2 (L2) platform on which investors placed great hopes in the market, attracted attention. While active user activity on the network dropped to its lowest monthly levels on July 9, there was also a decrease in the number of new addresses, and this situation has continued since July 5. As of July 10, only 11 new addresses have been created on Shibarium.
Shibarium is known as an L2 solution designed to increase scalability and transaction efficiency on the Ethereum blockchain. According to the data, the number of individual addresses performing at least one transaction on Shibarium dropped to 504 on July 9, reaching the monthly lowest level of the network. It is stated that the decrease in the number of active addresses dates back to July 5 and there is a 33% decrease in the graphics. Additionally, a significant decrease in the number of new addresses was observed on the L2 platform. The creation of just 11 new addresses on July 10 represents a 93% decrease compared to the 167 new addresses seen on July 5.
SHIB Price Forecast
The bearish outlook and uncertainties in the market may reflect the possibility of a rally for Shiba Inu (SHIB). SHIB is up 8% since last week. Currently, SHIB is trading at $0.00001657.
Chaikin Money Flow (CMF) continues to rise on the SHIB side over the past few days, indicating that price growth and demand are in sync. An increase in the asset price with CMF may indicate buying pressure in the market, which may have a positive effect on the price.
Increasing volume generally indicates that upward pressure may continue. It can be seen in the charts that if CMF maintains its strength, SHIB may move towards $0.00001767 levels.
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