Today, the trading price of Shiba Inu (SHIB) has recorded a downtrend. The asset’s price has experienced a decline in the latest session. The data shows that the price of SHIB has fallen to a low of $0.0000114.
Like the rest of the cryptocurrencies, SHIB’s price has been impacted by the Silvergate Bank controversy. The entire crypto market is spooked at the moment and this has caused problems for investors.
The major crypto firms have started to break their ties with the bank over the controversy, which is damaging the entire crypto market.
The valuation of the entire crypto market has suffered a great loss in the wake of the latest developments. Being one of the top cryptocurrencies, Shiba Inu is also facing the impact of the recent issue.
5% Decline in SHIB Price
According to the latest market data, the trading price of SHIB has declined by 5%. This fall was recorded in a matter of 24-hours.
A look at the weekly performance shows that the meme coin’s value has dipped by 13%. As for the past 30 days, the asset’s value has dived by 3.5%.
This shows that the past 30 days have been full of challenges and dips for the meme coin. This is the reason why the token is unable to make it back to the high trading level.
The wider market downtrends are not letting the token rise back up and it is still finding it difficult to recover from the losses.
Selloff Recorded Today
The selloff recorded by SHIB today has caused its trading volume to shoot higher and go up to $300 million.
As of now, the trading volume of SHIB is tremendously high, which means that the liquidity and volatility are too high for the asset.
As the trading volume has risen, it has injected hope into investors and analysts alike about the future of SHIB.
Economists are hoping that the trading price of the asset may get pushed higher with the rising liquidity and volatility.
Launch of Shibarium
There is another positive factor that may help push the asset’s price higher, which is the launch of Shibarium.
The developers of Shiba Inu have talked about the launch of the layer-2 protocol for the respective blockchain for a while now.
They have claimed that the Shibarium network is going to be very advanced and more suitable for the Shiba Inu community.
The teams have claimed that they have entered the final phase for the completion of the protocol.
They have been going through the necessary tests and checks to ensure that the implementation of the network takes place without any interruptions.
It goes on to suggest that the implementation of the network would help SHIB tremendously. This will be ensured as the Shibarium network will offer more utility for the token.
Shiba Inu is also entering multiple projects within the crypto-verse. It has tapped into the metaverse and web3 technologies.
In addition to the above, it has also firmed multiple deals that have let it become a major payment method on platforms such as Amazon.
According to the officials at Shiba Inu, the implementation of the Shibarium protocol is to take place by the end of March 2023. Once the protocol has been implemented, it may turn promising for the asset.
Bearish Predictions for SHIB
From the looks of it, the bullish factors for SHIB are yet to take place while the bearish factors have already kicked in.
Given the recent bearish developments and Silvergate Bank’s controversy, the price of the asset may fall below $0.000011.
There are speculations that Silvergate Bank may file for bankruptcy. If that happens, then the trading price of SHIB may fall deeper.
However, as the implementation of Shibarium takes place, the positive factor may kick in. This may push the trading price of SHIB to a high of $0.1.