Shiba inu Coin (SHIB) fell 6.67% on Tuesday. After losing 0.17% on Monday, SHIB stock ended the day at $0.00001119.
Tracking the broader market, SHIB stock rose to an early high of $0.00001221. With SHIB rising against the first major resistance level (R1) at $0.00001220, SHIB stock fell to a late low at $0.00001090. SHIB stock fell through key support levels before breaching the third key support level (S3) at $0.00001116 to end the day at $0.00001119.
Shibarium upgrade silence and massive crypto-weight
It was another quiet day for DOGE and SHIB, with no network updates to support further gains on Tuesday.
The lack of updates on Shibarium’s upgrade schedules has left SHIB on alert. Investors await more information on transaction speeds, fees, and most importantly, an upgrade date after Shibarium’s upgrade.
There have also been no further updates since the launch of the Dogecoin Foundation Development Fund to provide DOGE support. Twitter’s silence on cryptocurrency integration plans has kept DOGE below 2023 back to $0.10.
The lack of network updates left DOGE and SHIB in the hands of the broader market, which also took its toll.
Today, network updates and electoral activity will continue to be the main drivers. But cryptocurrency market sentiment is likely to have an impact. US corporate earnings and the Nasdaq will provide guidance in the afternoon session.