The price of the SHIB surged from $0.000008019 to $0.000007476 in a day.
The layer 2 blockchain Shibarium launch is expected to launch in July.
Shiba Inu (SHIB), also known as “the Dogecoin killer,” is facing difficulties maintaining its position in a challenging market environment. The current market decline has intensified the struggle for SHIB as investors eagerly anticipate the launch of “Shibarium”, a highly anticipated layer-2 blockchain. However, concerns are mounting due to the lack of progress in the network’s deployment, especially in the wake of recent volatility in SHIB prices.
The long-awaited Shibarium holds significant promise for SHIB investors. As it aims to enable token burns and facilitate SHIB transactions with reduced gas fees. However, the delay in its launch has cast a shadow of doubt on SHIB’s price. That the memecoin still not recovered from the earlier low. Also, while the other top cryptocurrencies showed positive gains, the meme token declined by more than 14% in the last 30 days.
Shiba Inu (SHIB) Witnesses Volatility
Over the last weekend, the meme coin experienced a notable downturn, plunging from $0.000008 to $0.000005. But following the recent upward momentum in the crypto market, the Shiba Inu price surged by over 5.5% in a week to reclaim the $0.000007 levels.
Further, SHIB has also experienced a wave of bearish sentiment. That fueled by Elon Musk’s suspension of the Shiba Inu burn tracking Twitter account, which was activated today. As a result, SHIB’s price dropped from $0.000008019 to a 24-hour low of $0.000007476.
Shiba Inu (SHIB) Price Chart (Source: Tradingview)
At the time of writing, SHIB traded at $0.000007555 with a 24-hour trading volume of $105 million, which is up around 2%. Also, the memecoin price soared over 12 in the last 14 days and holds a market cap of $4.4 billion. In addition, Shiba Inu is currently in the sell zone, which means it may increase its value in the future.
Further, the prolonged delay in the release of Shibarium continues to weigh on investor confidence. And Shiba Inu developer Shytoshi Kusama hints that the layer 2 solution will be made public in the upcoming month.