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Shiba Inu (SHIB) Shows Resilience in This Key Metric Despite Price Fall: Details

Fri, 03/10/2023 - 13:43
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Godfrey Benjamin
Shiba Inu traders are conducting their activities like business as usual
Shiba Inu (SHIB) Shows Resilience in This Key Metric Despite Price Fall: Details
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After a week of impressive price action, Shiba Inu (SHIB) has bowed to the pouncing pressures of the bears as it is experiencing a massive sell-off at the time of writing. The meme coin is priced at $0.000009954, down 8.78% over the past 24 hours. With the current selling pressure, the token has shed as much as 12.72% in the past week.

Despite this, Shiba Inu is still maintaining positivity in terms of its trading volume over the past 24 hours.

Per data from CoinMarketCap, a total of $478,001,785 worth of SHIB has been traded within this time frame, a figure representing growth of 16.23%. This data is an indication that there is ongoing buying activity on exchanges even though this is not translating into price growth.

Shiba Inu Metrics
Image Source: CoinMarketCap

Shiba Inu has its own niche and its own community, and the meme coin has been pushing its ecosystem to serve as a one-stop shop for everything in Web3.0. From the integration of Shiba Inu as a payment on merchant platforms to its pivot into the fast food business through investment in Welly, a fast food start-up that is planning to expand to Dubai, SHIB's utility is growing across the board.

Shiba Inu (SHIB) Takes Over Second-Largest Middle East Economy with Welly Burger Joint

Shibarium Effect

Shibarium, the Layer 2 protocol that is highly anticipated by members of the Shiba Inu community, is set to experience its beta test mode anytime now. The hype surrounding the Shibarium launch and the fear of missing out on growth that may trail SHIB and the other ecosystem tokens could account for why the transaction volume is growing at this time.

Shiba Inu is known for extreme volatility, and with its core metrics, including its burn rate, still flashing positive, we may get to see a price retracement in the near future.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.