SHIB News: Shiba Inu Recovery Hopes Amidst Bearish Market Trends

Shiba Inu Price Prediction: AI Sets SHIB Price For February 28

The Shiba Inu (SHIB) ecosystem was seen recovering as the weekend approached. Following a rough week, the meme coin picked up pace. Over the past seven days, SHIB recorded a drop of nearly 5%. The second-largest meme coin’s monthly losses stood at 23%. While bearish for investors, the community hopes for a bullish close in February. Over the past 24 hours, SHIB rose by nearly 2% and was trading at $0.00001572. The market cap of Shiba Inu is currently $9.27 billion, and the daily trading volume increased by nearly 10%.

Shiba Inu’s Shibarium Records Heartbreaking Crash in Transactions

Shiba Inu’s Shibarium has suffered a significant decline in activity, with daily transaction counts plummeting by over 96%. Reports indicate that the Layer 2 network's daily transactions have collapsed to 52,410, marking a sharp shift in user engagement. Initially, transactions were up to 151,090, but in the past 24 hours, Shibarium has taken another hit, dropping more than 60% from that value. This decline signals a slowdown in user engagement and network usage within the Shiba Inu ecosystem.

Shiba Inu Price Forecasts Diverge: 50% Crash or 420% Rally?

One analyst predicts a potential 30% or more drop for SHIB in the near future due to losing a crucial support line. Conversely, another strategist suggests that SHIB’s price movements are part of a large Inverse Head and Shoulders pattern, which could lead to a surge of over 400%. Ali Martinez, who is bearish on SHIB, claims that the asset has lost a key support level between $0.000019 and $0.00002, following a 4% decline in the past week and over 23% since the previous month.

Shiba Inu Whale Activity Plunges 79% In Three Months

The meme coin market has seen significant changes over the past year, with tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) remaining prominent. SHIB has grown by roughly 65% in value in the past year. However, the current uncertain market climate has affected large-cap meme tokens, including Shiba Inu, causing deep corrections and sluggish sideways movement in the past two months. Large investors are exiting the market, which could prolong this dour condition. Popular crypto analyst Ali Martinez revealed that Shiba Inu whale transactions have declined steadily, with a 79% plunge in whale activity in the past three months.