According to CryptoPotato, the price of Shiba Inu (SHIB) has experienced a significant decline, dropping 4.5% in the past 24 hours. This downturn comes after a notable surge over the past two weeks, where SHIB's price increased by nearly 20%. Currently, SHIB is valued at approximately $0.00001868, based on data from CoinGecko.

The recent price drop coincides with a decline in key metrics within the Shibarium ecosystem. Active accounts on the network have decreased from 631 on July 17 to 209 on July 18. Additionally, new daily transactions and blocks processed on the protocol have also seen a downward trend. Shibarium, which went live in August last year, aims to enhance the Shiba Inu ecosystem by improving speed, scalability, and reducing transaction costs. Despite achieving several milestones, the recent decline in activity raises concerns about its impact on SHIB's price.

The broader meme coin market has also faced declines, with market capitalization down nearly 2% for the day. Other meme coins such as Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), Floki Inu (FLOKI), and Brett (BRETT) have also experienced significant losses. However, dogwifhat (WIF) has seen a 3% increase in the past 24 hours, standing out as a notable gainer among the top meme coins.

Despite the current downturn, some metrics suggest a potential resurgence for Shiba Inu. According to CryptoQuant, SHIB's exchange netflow has been predominantly negative over the past seven days. This shift from centralized platforms to self-custody methods is generally viewed as bullish, as it reduces immediate selling pressure. As the Shibarium ecosystem continues to evolve, its progress will be crucial in determining SHIB's future price movements.