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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 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.
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.
Tomiwabold Olajide
Arman Shirinyan
