Shiba Inu’s price has seen a decline, down 7% last week; however, traders holding onto SHIB remain resilient. The majority of the supply, around 80%, is controlled by what are known as ‘diamond hands,’ while Shibarium celebrates the milestone of 1 billion transactions.

Recent analysis indicates that these committed traders are confident in a recovery, despite current market conditions.

Interestingly, overall meme coins face a downturn, with the market cap dropping to under $50 billion, a steep decline from $120 billion earlier this year. Shiba Inu ranks second among meme coins, trailing only behind Dogecoin, which holds a market cap of over $24 billion.

Market Dynamics

While the meme coin ecosystem contracts, Shiba Inu has demonstrated resilience, maintaining performance compared to competitors like DogWifHat. Recent developments in Shibarium, although not as extensive as other platforms like Arbitrum, are encouraging, with transaction numbers rising significantly.

Traders are now looking toward potential recovery as they keep a watchful eye on Solana’s performance. If engagement in Solana improves, the positive effects could resonate throughout the Ethereum network as well.

Significant Notes:

• Active whale trading represents potential for recovery.
• Transaction volumes surging on Shibarium indicate growing adoption.
• The overall outlook for meme coins hangs in balance, with traders and analysts alike pondering whether a rebound is on the horizon.