Like most altcoins on the market, Shiba Inu saw a price rally this April-May of this year. The second largest meme coin hit its ATH of $ 0.000032 on May 11th. However, since then the price has fallen dramatically. In fact, SHIB was valued at just $ 0.0000064 at press time.
Now the developers of the altcoin recently launched their own DEX – ShibaSwap. Within 24 hours of launch, the protocol’s TVL managed to break the $ 1 billion mark. Needless to say, the SHIB army was soon celebrating quite loudly on social media. Oddly enough, however, the same community now believes that SHIB will become even more mainstream in the coming weeks.
Keep this in mind – SHIB’s price saw some resurgence when ShibaSwap went live. Unfortunately, all of this was short-lived. The price of the meme coin has depreciated by 25% in the last 30 days. Additionally, most of the token’s on-chain metrics appeared to paint a very bleak picture at the time of going to press.
At the time of writing, all exchanges had a cumulative supply of 62.9 trillion tokens. In fact, this metric has remained more or less stable around its early June levels. This essentially implies that market participants parted ways with their tokens and returned them to the exchanges.
Only if there is a significant outflow of foreign currency is SHIB expected to recover. Ergo, the chances of a trend reversal seem to be very slim at the moment.
Where are the volumes?
Both trading volume and social volume for Shiba Inu touched their ATHs in the first half of May this year. Their print time readings, however, appeared to be miles away from the highs mentioned above. SHIB was easily getting 9000 mentions daily on social media at that time. However, the same has recently hovered around the 1000 mark.
Similarly, the trading volume of the token shared a value of 0 over 19 billion on May 10. On the contrary, at the time of writing it was in the 100 to 400 million range.
Enough addresses for a revival?
The number of active addresses has also decreased recently. SHIB boasted over 100,000 addresses in May, while at press time it only hit the 12,000 mark. The massive drop in daily unique addresses is definitely another major cause for concern. If this metric doesn’t change course in the coming weeks, it would most likely hinder the token’s slim chances of rallying.
To make matters worse, ShibaSwap’s TVL has plummeted over the past 10 days. The same was only $ 412 million at the time of writing.
It looks like there isn’t much that can be done right now to then revive the fate of a meme coin.