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Over 1.53 trillion SHIB have been transacted on Shiba Inu in the last 24 hours resulting in a flurry of activity. The meme coin is obviously losing traction and finding it difficult to hold onto its value in the face of wider market volatility, even with this high transaction volume.
The financial crisis that just ended has made matters worse and brought attention to the difficulties that SHIB and its investors are facing. The meme coin is currently trading at roughly $0.00001104, down from nearly $0.00002, as the chart shows a sharp decline in price.
This decline indicates possible trouble ahead and constitutes a significant devaluation. Shiba Inu appears to be being purchased at the bottom, a sign of low investor conviction according to the quiet on-chain data. It is common to interpret this trend of purchasing assets at reduced prices as an indication of desperation or a lack of faith in their potential returns.
Tomiwabold OlajideThe large number of deals that are happening at these low points is indicative of the cautious attitude that investors are taking. A bearish outlook for SHIB is indicated by the lack of strong buying pressure at higher prices despite the high transaction volume.
Many digital assets, including Shiba Inu, have been impacted by the recent marketwide liquidation that caused over $1 billion in losses. This massive sell-off has made SHIB's current situation worse by increasing the downward pressure. It is also challenging for investors to anticipate the meme coins' next move due to its high volatility in price action.
The significant withdrawals from exchanges, which occur when holders move their SHIB off platforms — possibly in anticipation of further declines — further highlight the lack of confidence. However, there are bright spots for Shiba Inu.
Alex Dovbnya
Vladislav Sopov
Dan Burgin