- The daily transactions of Shibarium’s testnet beta have declined over the past few days.
- SHIB was down more than 16% last week and the RSI was in an oversold position.
If Shiba Inus [SHIB] The launch of Shibarium is getting closer, the beta testnet stats are acting strange. In the midst of this, SHIB’s market cap took a huge hit in recent weeks. Will Shiba Inu lose its spot on the list of the top 20 cryptos before Shibarium launches?
Read Shiba Inus [SHIB] Price prediction 2023-24
The wait for Shibarium will end soon
As the crypto community eagerly awaits the launch of Shibarium on the mainnet, LUCIE, a Twitter account that posts updates related to the Shiba Inu ecosystem, once again hinted that the launch could happen soon. A few days earlier, LUCIE also tweeted that the Shibarium launch would happen when market conditions improve.
Little teasing 👀
It’s coming – let’s get physical #SHIBARMY $SHIB $BONE $LINE pic.twitter.com/fhGJMoDEm5— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) June 14, 2023
However, it was surprising to see that the key metrics of Shibarium beta testament recorded a drop before launch. From Puppy scanShibarium’s daily trades have declined since June 12, 2023.
At the time of writing, the figure stood at 309,277. Apart from this, the total number of addresses on Shibarium was 16.9 million, while the total number of transactions was almost 21.5 million.
Source: Puppy scan
Shiba Inu has other concerns
While Shibarium’s daily trades fell, SHIB’s price also followed a similar trend. In the past week, the price of SHIB has fallen more than 16%.
At the time of writing, it was trade at $0.000006623 with a market cap of over $3.9 billion, making it the 19th largest cryptocurrency. However, given the current trend, the possibility of SHIB sliding down the top 20 list cannot be ruled out.
Source: CoinMarketCap
Whales sell Shiba Inu
Santiment’s chart revealed that the major players in the crypto market were reducing their SHIB holdings. SHIB’s stock of top addresses has dwindled in recent days.
Moreover, the positive sentiment surrounding the memecoin also dropped significantly last week. However, it was interesting to see how SHIB’s off-exchange supply increased while the exchange’s supply plummeted.
Source: Sentiment
Realistic or not, here it is SHIB market cap in BTC conditions
These statistics gave hope for a trend change
from CryptoQuant facts suggested that SHIB’s foreign exchange reserve was declining. A decrease in that metric indicates that SHIB is not under selling pressure. The total number of active wallets used to send and receive coins increased by 15.00% compared to the previous day, which looked positive.
Another key bullish signal was the memecoin’s Relative Strength Index (RSI), which was in an oversold zone. Therefore, how SHIBPrice behavior over the next few days will be interesting to watch.
Source: CryptoQuant