SHIB Price Trapped in Falling Channel as Market Remains Bearish

SHIB's price has been stuck in a falling channel at around $0.00000445, indicating hesitation from buyers and sellers alike.

The broader market is also not helping, with Bitcoin trading near $64,200-$64,700, down roughly 45% from its peak of $116K a year ago.

Japan's addition of SHIB to its Green List in late July has provided some regulatory legitimacy, but it may take time for this to impact prices.

The Shibarium Layer-2 network is currently generating near-zero economic activity, which could be contributing to the asset's decline.