Shiba Inu (SHIB) has experienced a sharp reversal from its peak at $0.00001136, leading to concerns within the crypto community. This reversal, known as a V-top, occurs when a cryptocurrency‘s value rapidly ascends to a peak and then declines just as swiftly.
SHIB’s price currently stands at $0.00000789, reflecting a 4.5% drop in 24 hours and a significant 23.1% slump over the past seven days. The price decline coincides with the launch of Shibarium Layer 2, which has raised uncertainty and caution among SHIB holders due to the potential for scam projects and tokens.
SHIB transactional engagement has decreased, with a 66% decline in network activity. However, optimistic investors have placed purchase orders for nearly 2 trillion SHIB tokens, indicating confidence in a potential bullish reversal. The resolution of challenges surrounding Shibarium could lead to SHIB regaining momentum and reaching the $0.000011 threshold again.
Source: NEWSBTC
