The Shiba Inu's value has fallen significantly, leaving many investors in serious loss positions. However, Shibarium, the layer-2 solution of the Shiba Inu, may be showing signs of growth, raising hopes for recovery.
Shiba Inu's Decline and Market Situation
There has been a general decline in the cryptocurrency market in the last 24 hours and Shiba Inu (SHIB) was affected by this situation and lost approximately 3% in value. According to CoinGecko data, the price of SHIB dropped to $0.00001531. Even though its market cap is around $9 billion, many investors are in a difficult situation. According to IntoTheBlock data, 48.1% of those holding SHIB are currently at a loss, while the rate of those holding a profit is at 47.7%.
In March of this year, the outlook for the Shiba Inu was quite positive. During the bull run, approximately 65% of investors were profitable. However, market dynamics reversed this situation. Over the last 24 hours, trading volume has fallen below $250 million and the number of daily active addresses has dropped to approximately 3,100, indicating a significant decrease in market participation.
Growth Symptoms of Shibarium
Despite the broader market downturn, Shiba Inu's layer-2 blockchain solution, Shibarium, is showing positive signs of growth. Launched last summer, Shibarium aims to reduce transaction costs, increase scalability and improve transaction speed. Recent data shows an increase in the number of new accounts and daily transactions on the Shibarium protocol, which could be a signal of recovery for SHIB in the near term.
These positive indicators from Shibarium are critical for the Shiba Inu's ecosystem. The revival of the project could be a ray of hope for investors waiting for SHIB's value to recover. The protocol's momentum could significantly contribute to stabilizing SHIB's price and regaining investor confidence. This development once again emphasizes the importance of innovations and infrastructure improvements in the cryptocurrency field.
General Situation in the Meme Coin Market
Shiba Inu's decline reflects a broader trend in the meme coin market. The total market value of the sector decreased by 5.5% in the last day, falling to around $47 billion. Other meme coins such as Dogwifhat (WIF), Brett (BRETT), Mog Coin (MOG), and Pepe (PEPE) also experienced significant declines. However, a few exceptions, such as Popcat (POPCAT) and Turbo (TURBO), managed to generate gains despite adverse market conditions.
Risks and Recommendations for Meme Coin Investors
The latest decline is an important warning for meme coin investors. This highlights the high volatility and speculative nature of these assets. Investors are advised to do thorough research and be cautious by investing only the amounts they can afford to lose. A careful approach can help them reduce risks in the highly volatile meme coin market.
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