Shiba Price Correction Daily Chart: 5% Drop

Shiba Inu price faces a 5% correction on the daily chart, dropping to $0.000006088.

Current Market Situation

The memecoin's rally stalled after facing strong resistance at $0.0000064 and a correction in Bitcoin (BTC).

Key Statistics

The current market capitalization of Shiba Inu is around $3.6 billion, with a daily trading volume of $139.88 million.

Technical Analysis

Shiba Inu is following a symmetrical triangle pattern on the 30-minute chart, showing a potential breakout above the major boundary.

Indicator Insights

The relative strength index is at 36, suggesting a neutral to slightly bearish trend.

On-Chain Data and Upcoming Developments

Recent data shows 82.5 billion Shiba Inu tokens left exchanges in a single 24-hour period, indicating whale accumulation. The Shibarium Layer 2 network is preparing for a major 2026 upgrade focused on full homomorphic encryption.

Key Takeaways

• Shiba Inu price dropped 5% on the daily chart to $0.000006088.
• The memecoin faces strong resistance at $0.0000064.
• On-chain data shows whale accumulation, reducing selling pressure.
• A major upgrade to the Shibarium Layer 2 network is upcoming.

Frequently Asked Questions

What is the current market capitalization of Shiba Inu?

Around $3.6 billion.

What is the significance of the Shibarium Layer 2 network upgrade?

It will focus on full homomorphic encryption, potentially enhancing the network's security and functionality.