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The Shiba Inu (SHIB) protocol has maintained its downtrend in line with broader market sentiment to push its price to $0.000007234 after a 0.53% slump in the past 24 hours. The actual growth trajectory of Shiba Inu shows a conflicting trend in some of the coin's key performance metrics.
For instance, while the Shiba Inu price has slumped in the short term, ecosystem bulls are still accumulating the coin on trading platforms across the board. At the time of writing, a total of $160.3 million of SHIB tokens had been traded over the past 24 hours, a figure that represents a 78.59% jump.
Arman ShirinyanThere are other crucial on-chain statistics that show the share dominance by both the market bulls and bears within the Shiba Inu ecosystem. While the social sentiment of the digital currency, according to data from crypto analytics platform IntoTheBlock (ITB), shows it is bearish for now, other relevant stats, including the large transaction count, have been on the rise over the past few weeks.
As reported earlier by U.Today, these large transactions soared by 229% earlier this week to sustain the sentiment that SHIB is still a favorite of big money holders.
Pushing Shiba Inu ideology
To push the Shiba Inu growth momentum, the ideology behind the protocol needs to be properly amplified. The channel through which it hopes to achieve this is Shibarium, its Ethereum-based Layer-2 scaling solution.
Godfrey BenjaminShibarium might be new, but the anticipation that it can help stir the meme coin ecosystem, beginning with its native coin SHIB, to other altcoins within the ecosystem, including LEASH and BONE, to new highs. Shibarium, despite its troubled start, has picked up pace with a series of consistent milestones overall.
With the sustained embrace of Shibarium and a growing demand for SHIB, the conflicting growth metrics might soon be tilted toward bulls.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin