The Shiba Inu project has sent a message of confidence to its community during a period of market turmoil. The official X account posted a statement emphasizing the token's dual strategy, combining meme culture with practical applications.
The Fear and Greed Index currently registers 12 out of 100, indicating extreme fear among participants. Altcoins face particularly challenging conditions as liquidity dries up across the sector.
SHIB experienced a sharp decline last Friday, dropping to $0.0000071. This marked its lowest level since October 2023. The downturn mirrored broader weakness across cryptocurrency markets.
The token has since stabilized. At the time of publication, SHIB is trading at $0.000008305, representing a 4.82% gain over 24 hours. Recovery remains tentative as speculative assets struggle to attract buyers.
SHIB price chart, Source: CoinMarketCap
Technical Indicators Show Neutral Territory
Market analysts note that most cryptocurrencies have entered neutral zones on technical charts. Assets are neither oversold nor overbought at present levels. This suggests potential for movement in either direction.
Bitcoin's performance will likely determine the next major trend. A push back toward $90,000 could trigger widespread recovery across altcoins. Traders are monitoring BTC closely for signals. At the time of writing, Bitcoin is trading at approximately $88,403, indicating a 1.63% increase over the last 24 hours.
BTC price chart, Source: CoinMarketCap
The current environment reflects a pause rather than capitulation. Volume remains subdued as market participants await catalysts.
Network Activity Shows Positive Momentum
Several on-chain metrics paint an encouraging picture for Shiba Inu. The burn rate surged by 1,087% in the past day. A total of 15,970,661 SHIB tokens were removed from circulation through burning mechanisms.
Shibarium, the project's layer-2 scaling solution, is recording increased usage. Transaction counts jumped from 1,850 on November 18 to 3,960 by November 23. This represents a 114% increase within five days.
The uptick in network activity coincides with a stabilization of prices. SHIB began recovering from its low of $0.00000756 on Saturday. The token reached an intraday peak of $0.00000814 on its second day of gains.
Higher transaction volumes on Shibarium demonstrate growing adoption of the network. Layer-2 solutions reduce costs and improve speeds for users. Increased activity suggests developers and traders are utilizing the infrastructure.
