No products in the cart.
Shiba Inu Displays Surprising Price Movement – Can SHIB Ditch The Flatline?
Shiba Inu (SHIB) is full of surprises up its sleeve. The top dog meme coin’s latest price rally was impressive as the coin was able to showcase the lowest level of daily volatility as seen in the entire crypto trading history.
As of this writing, SHIB is up by 2.66% or at $0.00001217.
According to the daily chart, SHIB has been consistently darting on a straight line seen in the past few days. In fact, the dog meme coin’s price hasn’t moved a bit for a straight week, which is bizarre especially for a volatile asset such as SHIB.
Shiba Inu On A Flatline?
It’s uncertain why Shiba Inu has been showing a flatline or sluggishness in performance – but there are some talks coming from investors and traders that the volatility issues of SHIB seems to have cropped up from the decline in the burn rates of the token, which is said to have been fueled by previous Shiba Inu projects lke Shibarium Multiverse.
On June 21, SHIB penetrated the descending channel as it rolls down which could have signaled a coin reversal. However, the discrepancy in trading inflows and volume prompted SHIB to roll back to $0.00001.
Shibaswap Outperforming BAYC And OpenSea
Shiba Inu isn’t just another meme coin you’ve heard of because it’s committed to growing and scaling the network. Shibaswap’s launch and its continuous thrust as the top Ethereum dApps in terms of social signals cements Shiba Inu’s status in the crypto space. Shibaswap was able to rake in an average of $10.8 million in terms of daily volumes.
This is an exceptional performance coming from a DEX that was able to outperform both Bored Ape Yacht Club and OpenSea. Notably, there was also an in exchange withdrawals which is quite normal especially at discounted levels. Currently, SHIB trades at a huge discount from its ATH.
More so, Shibaswap has had a huge influence on the performance of SHIB. But, its impact isn’t as powerful compared other economic or market forces that may have caused its uncanny price movement or behavior. The Shibaswap ecosystem is expected to grow and expand which may influence more people to stake SHIB, but people just have to wait and see.
In other news, while SHIB is no longer a part of the top cryptocurrencies according to market cap, the meme coin is still favored by the crypto space. Shiba Inu is planning to develop a reward token, stablecoin built for its ecosystem, and a collectible card for the metaverse.
SHIB total market cap at $384 billion on the weekend chart | Source: TradingView.com
Featured image from Slate.com, chart from TradingView.com
- October 2022 (13)
- September 2022 (540)
- August 2022 (519)
- July 2022 (418)
- June 2022 (416)
- May 2022 (369)
- April 2022 (367)
- March 2022 (505)
- February 2022 (455)
- January 2022 (435)
- December 2021 (428)
- November 2021 (367)
- October 2021 (359)
- September 2021 (357)
- August 2021 (126)
- July 2021 (21)
- June 2021 (19)
- May 2021 (4)
- April 2021 (6)
- March 2021 (23)
- February 2021 (23)
- January 2021 (27)
- August 2020 (1)
- July 2020 (7)
- June 2020 (1)
- April 2020 (2)
- TIDEFI Mainnet And DEX App Goes Live As TDFY Sunrise Pool Token Distribution Nears
- TA: Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass $1,350
- Bitcoin Price Keeps Struggling, What Could Trigger Another Downtrend
- Helium (HNT) Holds Gains Amid Market Downtrend
- Quant (QNT) Marks Positive Movement When Major Coins Face Dumps