SHIB Faces Selling Pressure: Price and Network Activity Decline

Recent data indicates that Shiba Inu [SHIB] is facing significant selling pressure, leading to a decline in both its price and network activity. Here’s a closer look at the situation and its potential implications for the future of the memecoin.

Shiba Inu [SHIB] Price Prediction Amid Selling Pressure

Shiba Inu’s [SHIB] price and active transacting wallets have significantly dropped over the last few weeks. Memecoin’s exchange reserves hit a weekly high, signaling mounting selling pressure in the market. According to CryptoQuant, SHIB has recorded a steep decline in network activity, with token transfers falling by up to 79.55% and active transacting wallet addresses decreasing by 33.68%. Despite the slowdown in transactions, SHIB’s exchange reserves surged to a new weekly high.

Shibarium Breaks Out with Over 3M Transactions

Shibarium has seen a massive surge in activity, with over 3 million transactions processed daily. This NEAR tenfold increase in less than a week signifies a substantial rise in on-chain operations. The Layer 2 network is breaking past recent milestones and signaling a potent shift in momentum as March closes.

Shiba Inu Treat Trading Volume Soars Triple Digits

Activity around Shiba Inu Treat has exploded, with the trading volume skyrocketing by 183.18 percent in just 24 hours, reaching $4.41 million according to CoinMarketCap. This significant increase indicates a substantial uptick in buying and selling interest, potentially involving more participants or larger individual transactions than usual.

If You Put $5,000 Into Shiba Inu 2 Years Ago, Here’s What You’d Have Now

The Shiba Inu (SHIB) ecosystem entered the market during the pandemic and despite its late arrival, managed to outperform several established assets. SHIB was praised for bringing in life-changing gains. Over the past 24 hours, SHIB dipped by 6.72% and was trading at $0.00001343 at the time of writing, much lower than its weekly peak of $0.00001561.