tldr; Shiba Inu (SHIB) is facing challenges as its price consolidates at $0.00001718, marking a 21% decline from its recent peak. The slowdown is attributed to decreased activity on its layer-2 network, Shibarium, and investor interest shifting to newer meme coins. Shibarium’s reduced transactions and fees have impacted SHIB’s burn rate, affecting its price dynamics. Despite technical indicators showing potential for a breakout, SHIB’s open interest in futures markets has dropped, indicating waning trader enthusiasm. The community remains hopeful for a recovery with increased network activity.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
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tldr; Shiba Inu (SHIB) is facing challenges as its price consolidates at $0.00001718, marking a 21% decline from its recent peak. The slowdown is attributed to decreased activity on its layer-2 network, Shibarium, and investor interest shifting to newer meme coins. Shibarium’s reduced transactions and fees have impacted SHIB’s burn rate, affecting its price dynamics. Despite technical indicators showing potential for a breakout, SHIB’s open interest in futures markets has dropped, indicating waning trader enthusiasm. The community remains hopeful for a recovery with increased network activity.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.