The Shiba Inu ($SHIB) price has dropped 9% from Thursday’s high, with the token trading around the $0.00000765 level.

$SHIB’s sharp drop has led to questions about the token’s future – with many wondering whether its price potential is dead in the water.

In other news, the Wall Street Memes ($WSM) presale has now raked in an incredible $11 million, reflecting investors’ appetite for community-backed meme coins.

A Week of Volatility Prompts Caution from $SHIB Holders

It’s been a whirlwind week for Shiba Inu holders, given the coin’s extreme level of volatility.

Price soared early last week, breezing through the 20-day Exponential Moving Average (EMA) on the daily price chart and hitting a high of $0.00000846.

Unfortunately, $SHIB could not breach the 50-day EMA – and immediately rejected the indicator, prompting a sharp drop in value.

Price is now stuck between the 20-day and 50-day EMAs, with no clear directional bias presenting itself.

The price stagnation over the past three days has led to a sense of unease among the investor base, given Shiba Inu’s history of capitulation.

Market sentiment has turned cautious, with $SHIB holders hoping for a catalyst to swing the token’s price in either direction.

Shibarium Development Provides Beacon of Hope for Shiba Inu

Amid this uncertainty, many meme coin enthusiasts are deliberating whether the ongoing volatility is the “new normal” for Shiba Inu.

However, crypto influencer Myles G, who has an audience of nearly 150,000 on YouTube, released a video detailing his short-term optimism – referencing the recent development updates for Shibarium.

Shibarium is an upcoming layer-2 network for the Shiba Inu ecosystem that will be built on the Ethereum blockchain.

This layer-2 network is expected to go live later this year and aims to expand the Shiba Inu ecosystem to include decentralized finance (DeFi) apps, metaverse worlds, and blockchain-based games.

Shiba Inu’s developers are simultaneously working on a service called “Shibacals” that will be used to link real-world assets (like artwork) to NFTs – thereby helping prove ownership.

This ambitious development