- Shiba Inu had a great start to the year but has since declined by over 50%.
- The memecoin’s testnet, Puppynet, has been making significant progress and has processed over 1.5 million blocks.
- The number of daily active addresses and transactions on Puppynet has been constantly increasing.
- Shiba Inu’s on-chain metrics are still impressive from a longer-term perspective, with the memecoin having a great second quarter in terms of new addresses created.
- Shiba Inu could have a great end to July if it breaks through the $0.00000781 resistance line.
Shiba Inu, the second largest memecoin on the market and the famed Dogecoin killer crypto has been through some rough weather this year.
SHIB is one of the best-performing cryptocurrencies on the market in terms of fundamentals, burn rates and whale activity.
However, the memecoin has had better days over the last two quarters, and could really use a break.
In this article, we will shine a light on SHIB and try to analyze what is really going on with this memecoin.
We will talk about its price action over the last two quarters, and its current price action. We will also talk about a few on-chain metrics for the cryptocurrency, its possible price action at the end of July (this month), and some possible developments you should be on the lookout for as an investor, trader or enthusiast.
Let’s move ahead, shall we?
Shiba Inu’s Last Two Quarters In Full View
Could Shiba Inu’s Price Use A Break?
Shiba Inu started the year on a great note. SHIB was freshly descended from its $0.000015 high sometime in October 2022, and investors bought its lows massively, as illustrated below.
As expected, SHIB finally hit a yearly low of $0.00000781 and started to ascend.
For a while, the cryptocurrency soared, eventually hitting a high of $0.00001576 sometime when February was still fresh in view (4th of Feb).
This amounted to a whopping 102.71% price increase
However, things soon turned sour for the memecoin, as it began to decline steadily throughout February.
Four months after, SHIB was back at the $0.00000781 resistance and was struggling to stay afloat, after falling by 50.57%.
Did SHIB hold its ground at this $0.00000781 resistance?
It didn’t. Six days after testing $0.0000781, SHIB broke through this line to the underside, and slid further down by an additional 30.12%.
The memecoin is now trying to get back above this $0.00000781 resistance line, and Shiba Inu’s performance over the next few months depends on whether this memecoin can break through this line to the upside, or not.
Meanwhile, Shiba Inu Testnet Is Making Waves
Puppynet, the Layer-2 scalability platform on Shibarium’s beta testnet, has made significant progress in recent weeks.
The number of wallet addresses and transactions on the testnet has been constantly increasing, showing that the project is gaining traction.
According to Puppyscan, the official Puppynet block explorer, approximately 26 million transactions have occurred on the testnet so far, with more than 17 million wallet addresses on the network.
These numbers are amazing, particularly given that Puppynet is still in beta testing.
Puppynet’s average block time is less than seven seconds, which is much quicker than Ethereum’s mainnet.
This demonstrates Shibarium’s potential as a far more scalable and efficient platform than Ethereum.
In addition to the number of transactions and wallet addresses, Puppynet has also processed over 1.5 million blocks. This is a noteworthy achievement, demonstrating that the Shibarium team is making strong work on the mainnet’s development.
Shiba Inu: On Chain Performance
So the price of Shiba Inu isn’t too great.
What about the on-chain metrics though? Is Shiba Inu faring better over there?
It turns out that after yet another day of negative burn rate, the Shiba Inu community has managed to push this metric up again.
According to a tweet from the Shibburn Twitter account, a total of 78,248,958 SHIB has been burned over the last 24 hours, while 233,385,451 SHIB has been burned over the last 7 days.
However, as you can expect from the relatively slow price action on the memecoin, its social dominance score has declined as illustrated below.
Shiba Inu’s number of daily active addresses regularly spikes at intervals. The last spike happened sometime around 11 June with an amazing 42,600 addresses.
However, as illustrated below, the memecoin’s daily active addresses have been relatively steady, at around 5680 addresses.
The memecoin’s transaction count has also suffered, declining to 3644 transactions as of today.
However, while these statistics don’t amount to much from a daily perspective, on-chain data analytics platform, IntoTheBlock in a tweet, noted that SHIB’s performance is impressive from longer-term perspectives.
The analytics firm commented on the fact that SHIB had a great second quarter, in terms of new addresses created.
This shows good signs of development.
IntoTheBlock also notes that on June 27th, daily new addresses exceeded 4000, a 357% increase from the 877 quarterly low on May 21st.
What Could July Have In Store For SHIB Though?
Maybe things don’t always have to be this way for Shiba Inu.
The memecoin, according to CoinMarketCap, isn’t performing too badly on the daily and weekly timeframes.
As illustrated above, CoinMarketCap measures that SHIB is up by 0.81% over the last 24 hours, and by 3.17% over the last 7 days.
By crypto market standards, SHIB is actually beating Bitcoin itself, as well as others like BNB (2.36%), AVAX (0.56%) and XRP (1.49%) by daily and weekly performance.
In all, July may actually turn out to be a great one for Shiba Inu, provided one condition is met:
Shiba Inu has to break through $0.00000781 as soon as possible.
For Shiba Inu to finish strong this month, the memecoin first has to break out of this resistance line.
A breakout from this zone would signal the bulls to buy massively, sending the price of the memecoin straight up by at least twice its current price, if it touches the $0.000015 zone again.
Shiba Inu has already formed a small higher high as it tests this resistance. Its RSI is also close to the neutral zone, indicating that with just a little push, SHIB may be on its way to a powerful breakout.
In all, it may be best to set alerts right above this resistance line. If SHIB breaks above it and closes with a daily candle, it may be one of the first signs that a Shiba Inu revolution is well on its way.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.