The Shiba Inu (SHIB) price has been struggling to gain momentum, remaining below the crucial price level at $0.00002. This lackluster performance can be attributed to various factors, including the tepid price movement of Bitcoin, which has a strong positive correlation with Shiba Inu.
Data from the market intelligence platform IntoTheBlock reveals that Shiba Inu’s price correlation with Bitcoin is currently at 0.94, nearing its peak at 1. This close relationship means that Shiba Inu’s price is closely following Bitcoin’s price action, which has been wavering around the $60,000 support level.
Furthermore, interest in Shiba Inu has been on the decline, even among whales who hold significant amounts of the meme coin. Large transactions in Shiba Inu have remained flat and bearish, indicating a lack of confidence among these whales in the coin’s future trajectory.
Despite the bearish outlook, there is a glimmer of hope in the form of Shibarium, a layer-2 network associated with Shiba Inu. Shibarium recently experienced a significant spike in daily transactions, which could potentially lead to more Shiba Inu burns and positively impact the coin’s price.
As of now, Shiba Inu is trading at around $0.00001375, down in the last 24 hours according to data from CoinMarketCap. The future of Shiba Inu’s price remains uncertain, with the potential for further decline if Bitcoin fails to reclaim and hold above $60,000. However, the surge in Shibarium’s daily transactions offers a ray of hope for Shiba Inu’s price recovery.
