SHIB loses momentum: Why a bearish retracement could be on the way

SHIB's title of the best-performing cryptocurrency of the last few weeks may be about to witness a change as exhaustion of the bulls has taken over. A bearish price action could be the reality of SHIB over the next couple of days.

Timeline of Shiba-inu

SHIB Price Analysis: On August 5th, the Shiba Inu price provided a bullish breakout from the rising wedge pattern. The coin price breaking above the resistance of the chart setup that is following an ascending trend indicates the strong bullish momentum in the market.

Recently, Shiba Inu, often referred to as the “Dogecoin killer,” has become the center of the meme coin market due to its unstoppable bullish rally. As the Shibarium's launch is just a few days away, the SHIB price is preparing for a notable surge.

Shiba inu rose by as much as 10% during today's session, as bullish sentiment returned to cryptocurrency markets. The meme coin climbed to its highest point this week, with the global crypto market cap up nearly 2% as of writing. Solana was another big gainer, hitting a ten-day high on Wednesday.

Shiba Inu has smashed an astounding milestone as a new era unfolds for the ecosystem. The summer of Shibarium has kicked off, according to the Shiba Inu team, marking an entirely new era for Shiba Inu.

With the broader digital currency ecosystem returning to its default bullish setting, the meme coin niche appears to be taking this resurgence more personally. The second largest meme coin by market capitalization, Shiba Inu (SHIB), has printed an unusual 9.89% with its price now pegged at $0.000009829.

In the last month, the price of Shiba Inu (SHIB), the meme-inspired cryptocurrency, has witnessed a stunning surge, soaring over 30%. This meteoric rise has not only captivated the crypto community but has also propelled SHIB to new heights.

The Shiba Inu (SHIB) project is branching out into innovative digital territories. A recent blog post by Shytoshi Kusama, the project's pseudonymous lead developer, delved into the Self-Sovereign Identity (SSI) concept and its potential integration with Shibarium, their Layer 2 solution.

Shiba Inu (CRYPTO: SHIB) experienced a significant surge of 7% in the last 24 hours, outperforming Dogecoin (CRYPTO: DOGE). The ascent comes as the highly-anticipated layer-2 solution, Shibarium, nears its release.

Shiba Inu lead developer Shytoshi Kusama earlier confirmed a high possibility of Layer-2 Shibarium mainnet launch during the Blockchain Futurist Conference in Toronto, Canada in mid-August. Shibarium testnet PuppyNet and Telegram channel pause ahead of the event raise speculation of an imminent release of the Shibarium mainnet.

In a surprising turn of events, recent on-chain data analyzed by IntoTheBlock has unveiled a whirlwind of activity within the realm of the Shiba Inu token. The statistics reveal a jaw-dropping surge in transactions involving SHIB within the price bracket of $100,000 to $1 million, marking an astonishing 300% increase over the past month.