- SHIB continued its rise-and-fall theme with less than a 1% decline.
- Shibarium saw a decline in key metrics.
Even as the crypto market experienced a surge, Shiba Inu’s [SHIB] performance did not exhibit the same level of excitement. Similarly, its associated ecosystem token, Bone ShibaSwap [BONE], showed slower movements.
Despite expectations that the launch of Shibarium would boost these tokens, their current status prompts the question: What has been the state of the L2 network since its introduction?
Shiba Inu barely holding on
The daily price trend of SHIB from the 19th of October until press time revealed a slight increase of around 27%. However, compared to other meme coins like Dogecoin [DOGE], which experienced a more substantial gain of over 40%, SHIB’s performance appeared lackluster.
Further chart analysis highlighted that the highest single gain in months was about 7% on the 11th of November. Unfortunately, this positive momentum was short-lived, as subsequent days saw declines.
At the time of writing, SHIB was trading with a slight decrease of less than 1%, following a gain of over 1% in the previous trading session. This recurrent pattern suggested a consistent theme in SHIB’s price movement.
Source: TradingView
Despite these periodic declines, SHIB has maintained its position above the neutral line on the Relative Strength Index (RSI). The RSI line’s placement indicated that SHIB has sustained a bullish trend, despite the overall price fluctuations.
Bone ShibaSwap shows opposite trends from the market
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Author: Adewale Olarinde
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