Shiba Inu price drops 15% despite Shibarium launch hype and record number of holders

YEREVAN (CoinChapter.com) – Shiba Inu coin (SHIB) price declined 15% after peaking at $0.000015 on Feb 4. As a result, the digital asset stood at $0.0000013 ahead of the New York session on Feb 9, before the supposed Shibarium release date of Feb 14. So, what’s the Shiba Inu price prediction?

Shiba Inu coin price loses momentum

As the Shibarium launch date draws near, the digital asset price receded in the previous five days, arriving at crucial support. However, as seen in the chart below, SHIB still traded above its 20, 50, 100, and 200-day exponential averages, which could strengthen the long-term bullish claim.

However, the declining trading volumes testified to the possible short-term decline before the Shibarium launch hype can reclaim the previous local top of $0.0000015. The weekly chart confirmed the significance of the noted resistance. However, given the growing number of wallets, SHIB might eye an uptrend soon.

Also read: Shiba Inu Coin Price at 30% weekly jump as Shibarium Launch Date pinned on Valentine’s day.

Shiba Inu wallets at a record number

According to coin tracker CoinMarketCap, The number of wallets holding the Shiba Inu coin hit a record high on Feb 9, standing over 1.3 million. Moreover, the number has been rising for at least a month.

Additionally, crypto analytical platform Santiment noted an “unusual” activity among SHIB whales on Feb 5, possibly backing the bearish claim as the Shibarium launch date approaches. “When $100k+ transactions spike on a network, it historically is associated with upcoming price shifts. So monitor closely,” asserted the team.

Meanwhile, the Shibarium launch date is approaching, although not officially announced, thus brightening the Shiba Inu price prediction.

Shibarium release date coming

The Shiba Inu official Twitter page has not provided factual information on the Shibarium release date. But a hint came from Shytoshi Kusama, the meme coin’s lead developer. They recently changed their bio to read “tending the Pine Tree of Life.

Quickly learning to play the flute before putting Shibarium in a heart-shaped box with a bow.”

The ‘Shib army’ took the bio to mean the Shibarium launch date to come on Valentine’s day, i.e., Feb 14.

Also read: MATIC Price Prediction: Polygon Token At Multi Month High Following Bullish Developments.

For more details on the Shibarium release, click here!