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🩊 Shiba Inu: Shibarium transactions decline massively: Will it affect SHIB? Shibarium, the Layer-2 blockchain for Shiba Inu, has seen a big drop in transactions by 97%.SHIB’s price has increased by 10% over the last month, maintaining its market rank at No. 12 with a $14.6 billion cap. Shibarium, the Layer-2 blockchain underpinning the popular meme coin Shiba Inu [SHIB], is experiencing a huge drop in transaction activity.  For about a month now, transaction volumes have plummeted dramatically by nearly 97%. This decline has triggered an examination into the state of Shibarium and its potential impact on SHIB’s price. Despite these challenges, the overall transaction volume on Shibarium since its launch last August reflects a total of 417,479,277 transfers, so there is a slow but steady growth in activity, year-on-year. 🔾 A closer look at the tumble The transaction peak on Shibarium reached an all-time high of 562,990 daily transactions on the 17th of April. Fast-forward to today, and the figure has drastically fallen to just 11. The press time price of Shiba Inu stood at $0.0000248, with SHIB maintaining its position as the 12th ranked cryptocurrency in terms of market capitalization, which was around $14.6 billion at press time.  Despite the transaction slowdown, SHIB has seen a price increase of 10% over the past month and a modest 2.44% rise over the last seven days. These price movements tell us that investor sentiment may still be relatively bullish on the second-largest meme coin. The press time market sentiment towards Shiba Inu, as indicated by technical indicators, remained overwhelmingly bullish with an 83% bullish rating. Additionally, the Fear & Greed Index shows a score of 73, classified under ‘Greed’. The bulls were still in control. 🔾 How SHIB is doing now Coinglass data showed that there has been a 19.24% drop in trading volume, coupled with a slight 1.58% decline in Open Interest. This reflected reduced trading activity and potentially waning short-term interest among traders. $SHIB #SHIB

🩊 Shiba Inu: Shibarium transactions decline massively: Will it affect SHIB?


Shibarium, the Layer-2 blockchain for Shiba Inu, has seen a big drop in transactions by 97%.SHIB’s price has increased by 10% over the last month, maintaining its market rank at No. 12 with a $14.6 billion cap.

Shibarium, the Layer-2 blockchain underpinning the popular meme coin Shiba Inu [SHIB], is experiencing a huge drop in transaction activity. 

For about a month now, transaction volumes have plummeted dramatically by nearly 97%. This decline has triggered an examination into the state of Shibarium and its potential impact on SHIB’s price.

Despite these challenges, the overall transaction volume on Shibarium since its launch last August reflects a total of 417,479,277 transfers, so there is a slow but steady growth in activity, year-on-year.


🔾 A closer look at the tumble

The transaction peak on Shibarium reached an all-time high of 562,990 daily transactions on the 17th of April. Fast-forward to today, and the figure has drastically fallen to just 11.

The press time price of Shiba Inu stood at $0.0000248, with SHIB maintaining its position as the 12th ranked cryptocurrency in terms of market capitalization, which was around $14.6 billion at press time. 

Despite the transaction slowdown, SHIB has seen a price increase of 10% over the past month and a modest 2.44% rise over the last seven days.

These price movements tell us that investor sentiment may still be relatively bullish on the second-largest meme coin.

The press time market sentiment towards Shiba Inu, as indicated by technical indicators, remained overwhelmingly bullish with an 83% bullish rating.

Additionally, the Fear & Greed Index shows a score of 73, classified under ‘Greed’. The bulls were still in control.

🔾 How SHIB is doing now

Coinglass data showed that there has been a 19.24% drop in trading volume, coupled with a slight 1.58% decline in Open Interest.

This reflected reduced trading activity and potentially waning short-term interest among traders.

$SHIB #SHIB

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🚀 This Altcoin Network Spawned Half a Million Brand New Altcoins in May: Founder Explained Nearly half a million tokens were launched on the Solana blockchain in May. The increase in token creation is attributed to lower barriers to entry and increased desire to create a popular memecoin. In May alone, 455,000 tokens were created on Solana, dwarfing the numbers seen on other platforms. In comparison, 177,000 tokens were created on Ethereum layer 2 protocol Base, while 39,000 tokens were created on BNB Chain. The Ethereum mainnet and Layer 2 networks Arbitrum and Optimism each produced less than 20,000 tokens. Austin Federa, director of strategy at the Solana Foundation, attributes this rise to Solana's unique features. “Solana is designed to be a high-throughput general-purpose layer 1 with fast completions and extremely low transaction fees,” Federa explained and added: “As a result of these features, the increased mass token creation activities in Solana reduce the cost of experimentation and new idea generation to almost zero. Creating tokens in Solana should be as easy as creating content on the internet.” Interestingly, the majority of Solana tokens are memecoins, which have recently attracted the attention of the cryptocurrency community. This trend comes after some Solana-based memecoins such as Dogwifhat, Bonk, and Book of Meme skyrocketed in the crypto market. #Altcoin $SOL #SOL
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đŸ€” Bitcoin Has Solid On-Chain Cushion Below $68,900: Stage Set For Fresh Rally? On-chain data shows Bitcoin could have significant support between $66,900 and $68,900, which may help provide solid ground for a fresh surge to higher levels. 🔾 A Large Amount Of Investors Bought Their Bitcoin Between $66,900 & $68,900 According to data from the market intelligence platform IntoTheBlock, BTC is currently floating above a major demand zone. In on-chain analysis, the strength of any support or resistance level is based on how much “demand” was present at it. Below is a chart that shows the various Bitcoin price ranges near the current spot value and how they compare in terms of the total amount of the asset the investors purchased. Here, the size of the dot correlates to the total number of tokens that were last acquired at the corresponding price range. It would appear that, out of these zones, the levels between $66,900 and $68,900 currently host the cost basis of the greatest amount of BTC. More than two million addresses have acquired 1.1 million BTC inside this range. Since the current BTC spot price is above these levels, all investors who buy there will make slight profits. Investor cost basis is important in the on-chain analysis because the level has special psychological significance. A potential retest of it can result in a flip of the profit-loss balance for the holder. As such, investors may be prone to making some moves when a retest like this takes place. A holder carrying losses before the retest (that is, the retest is happening from below) may be tempted to sell for fear that the price will go down in the future. On the other hand, an investor in the green before the retest may have reason to believe the price would go up again and, thus. When retests of price ranges thick with investors, one of these reactions may arise on a scale that could be relevant for the wider market, therefore, major demand zones below can act as support points, while those above can act as resistance blocks. $BTC #BTC #Bitcoin
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đŸ”„ CEO of This Altcoin Named Member of CFTC’s Subcommittee Aptos (APT) ecosystem CEO Mo Shaikh was named to the CFTC's digital assets subcommittee. The CFTC's digital assets subcommittee is part of a larger committee made up of industry representatives who advise the agency on regulation and rulemaking. Other members include executives from BlackRock, BNY Mellon and Uniswap Labs. $APT #APTOS
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🚀 Holders Believe in Bitcoin Growth Over the course of 3 months, BTC has been consolidating in the range of $60-72 thousand, which is classic price behavior, after active growth of more than 200%, however, the latest data indicates the active accumulation of BTC by long-term investors. 🐙 Glassnode reports that at the end of May, 50,000 BTC were withdrawn from Kraken alone, worth $3.44 billion. Also, according to Glassnode, the activity ratio showed an impressive drop from 9% to -3%, indicating a trend towards long-term storage of BTC. đŸ”Œ Today BTC broke through $70 thousand, at the moment the price is trading below this level, as investors are looking forward to labor market data , which will be published on 06/07. $BTC #BTC #Bitcoin
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đŸ”„ Arbitrum (ARB) Faces Potential $1 Price Drop as Investors Sell Arbitrum (ARB) price is at risk of falling due to its failure to break a critical resistance level. Whether the price drops further depends on whether investors decide to sell for profit or hold onto their investments. Arbitrum (ARB) price is currently vulnerable to a correction despite overall positive market signals. This vulnerability stems from ARB’s inability to surpass a crucial resistance level. The extent of any potential decline largely depends on whether investors choose to take profits. If investors refrain from selling off their holdings, it could prevent further price drops for ARB. 🔾 ARB Investors Positioned to Influence Price Amid Favorable Selling Conditions Arbitrum (ARB) faces potential price fluctuations driven by investor actions in the near future. The Market Value to Realized Value (MVRV) ratio, currently at 10% over 30 days, indicates profitable conditions that may prompt selling activities. Historically, ARB corrections typically occur when the MVRV ranges between 7% and 23%, marking this range as a critical zone for potential market shifts. Moreover, the Global In/Out of the Money (GIOM) indicator suggests that 1.64 billion ARB tokens, valued at over $1.8 billion, are approaching profitability. Purchased within the $1.06 to $1.16 range, ARB’s current price of $1.13 is nearing the threshold where these holdings will yield profits. 🔾 Arbitrum (ARB) Faces Critical Support and Resistance Levels Arbitrum (ARB) is currently trading at $1.13, encountering resistance at $1.26 after failing to surpass this level. The altcoin has found support at $1.10, a level that has proven resilient in previous tests. Maintaining above $1.10 could signal potential for recovery, while a drop below it could indicate bearish sentiment ahead. Considering the current market dynamics, there is a possibility of ARB declining below the $1.10 support level. Further selling pressure may push it down to $0.97, potentially jeopardizing ARB’s position above $1.00. $ARB #ARB #Arbitrum
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