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SHIB Enters Top Five Coins by Daily Trading Volume Following 40% Price Surge

Sat, 11/06/2021 - 14:45
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Arman Shirinyan
SHIB still remains popular among traders, hitting the top five of the most traded coins on the market in the last 24 hours
SHIB Enters Top Five Coins by Daily Trading Volume Following 40% Price Surge
Cover image via stock.adobe.com

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Following the global market correction and consolidation, SHIB's price fell by approximately 50% after reaching a new ATH but then recovered by more than 40%. High volatility and massive price spikes put Shiba Inu in the top-trading coins once again, according to Watcher.Guru.

Shiba Inu has entered the top five by daily trading volume coins on CoinMarketCap alongside BNB, BTC and Ethereum. Traditionally, USDT remains in first place with $76 billion of the trading volume. Shiba Inu has reached $12.2 billion of the trading volume in the past 24 hours.

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Once again, Shiba gathers additional investor interest with volatile price moves. Besides losing almost half of the last rally's value, retail traders are still more than interested in purchasing some meme-based tokens.

On-chain data suggest that the percentage of short-term holders has reached almost 40%, which is usually considered a volatility factor. With an increasing number of short-term holders, the market is more likely to hit unexpected selling pressure since short-term targets are usually lower than long-term investors' profit expectations.

Shib Daily Chart
Source: TradingView

At time press, SHIB is trading $0.000058 with a 6.8% daily loss. Overall loss since the ATH is now at 33%. It was previously at 51%. Due to its volatile nature, SHIB has moved in the 8-80% range every day for the last two weeks.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.