Shiba Inu Price Stuck in Tight Range as Shibarium Sees Growth

Shiba Inu's price has been stuck in a tight range for several sessions, leading to questions about whether it can break out this week. The coin is currently trading at $0.00000420, with a 24-hour change of -1.28% and a 7-day change of -8.21%. The market capitalization stands at $2.476 billion, while the fully diluted valuation is $4.203 billion.

Despite the stable range, Shibarium's daily transactions have seen a significant increase, jumping by 78.51% from July 21. However, this growth has not yet impacted the price of SHIB. The ownership numbers are skewed, with the top 100 wallets holding 83.17% of all SHIB in circulation.

A closer look at the 4-hour chart shows that SHIB is still printing higher lows inside a rising channel. If buyers step in with real volume, the upper end of the range could be within reach. However, if they don't, expect a retest of levels SHIB hasn't touched in weeks.

It's worth noting that Shibarium's growth and whale concentration remain important factors to watch. The $1 potential for Shiba Inu is often discussed, but it's unrealistic due to the coin's large circulating supply. A more grounded long-term path would involve steady supply burns paired with growing demand.