The Shiba Inu (SHIB) price continues to linger below the crucial $0.00002 mark, influenced by Bitcoin's tepid price movement. SHIB's performance mirrors Bitcoin's due to a high correlation of 0.94, as shown by IntoTheBlock data.
Bitcoin's struggle to stay above $60,000 has impacted SHIB, which fluctuates around $0.000014. This is attributed to slowing demand for both cryptocurrencies. Large SHIB transactions are bearish, showing a lack of confidence among whales in the meme coin's future.
The number of daily new addresses for SHIB has stabilized between 1,000 and 2,000 monthly, with approximately a million addresses holding balances. The bleak market sentiment risks further declines if Bitcoin doesn't stabilize, potentially triggering sell-offs as over 52% of SHIB holders are currently at a loss.
On a positive note, Shibarium, Shiba Inu's layer-2 network, saw a surge in daily transactions from 1,740 to 28,680 on August 20. This spike could signal increased network activity and more SHIB burns, potentially benefiting the cryptocurrency's price.
Despite these dynamics, SHIB is trading around $0.00001375, reflecting bearish sentiment over the last 24 hours.
