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Shiba Inu (SHIB) has managed to maintain its resilience as a major reset is underway. In the past 24 hours, the coin has seen a significant bump in its trading volume on the top digital currency trading platform, Binance. While the overall trading volume fell by 3.67% to $634.57 million, the volume on Binance is soaring.
Shiba Inu shows power move on Binance
Per data from CoinMarketCap, the SHIB/USDT trading volume on Binance jumped by 13.62% to $90,375,845. On the other hand, the SHIB/USDC trading pair has recorded just about $6,719,074.
Combined, these pairs have seen a cumulative trade of $97,094,919 on Binance, which at the current price of $0.00001559 has seen a total trade of 6,228,348,237 SHIB on the platform.
This volume is a sign of the intense adoption of the meme coin at a time when it is outcompeting its rivals on the market. As reported earlier by U.Today, Shiba Inu has been frantic about breaching a key 476 trillion SHIB resistance level.
While its growth trend is still tied to volatility, the coin has not yet reached a price cliff in this bull market.
SHIB price hits snag
At press time, the price of Shiba Inu has dropped significantly by 9.99% in the past 24 hours to $0.00001555. The digital currency traded at a high of $0.00001738 before settling at the current level.
The meme coin remains one of the most watched altcoins amid a sustained SHIB whale inflow. Besides, the deflationary metric, marked by SHIB burn, remains a crucial factor helping to fuel the bullish sentiment the token has recorded recently.
It is worth noting that although the Shiba Inu price is undergoing an unexpected price slump, it boasts a positive fundamental that can drive its rally overall.
Vladislav Sopov
Dan Burgin