Shiba Inu Hits Rock Bottom for the 1st Time in 2023

Shiba Inu stood tall and strong as its trading volume soared despite a price decline throughout 2022. The tables have turned in 2023, as its trading volume hit rock bottom for the first time this year. SHIB is experiencing a significant decline in trading volume reaching a four-month low on Wednesday. Its average 24-hour trading volume reached $119 million, displaying a lack of momentum in the indices.

Also Read: Shiba Inu: AI Predicts SHIB Price For May 1, 2023

Source: Coinmarketcap.com

2 Reasons Why Shiba Inu’s Trading Volume Is Declining

  1. Overall Price Stagnancy
Source: Twitter

The stagnancy in trading volume could be attributed to the dullness and overall lack of enthusiasm in the cryptocurrency markets. Leading cryptocurrencies such as Bitcoin and Ethereum are trading sideways giving no room for another possible rally. Though BTC touched $30K and ETH is nearing $2K, the general sentiments turned negative after both retraced in price.

SHIB holders mostly pour in their money when the markets are shining as it ushers a sense of belonging. When nothing takes place, investors take a back seat and fear accumulating the dip assuming it could drop further. There’s stagnancy in the number of daily ‘burns’ as it’s not crossing more than 1.5 million tokens each day.

Also Read: If Shiba Inu Hits $0.01, How Many Tokens Do You Need To Make $10 Million?

2. Lack of Enthusiasm

Shiba Inu: SHIB Burn Surges 30981.17%, Will it Touch 2 Billion Next Week?
Source: Crypto News

Shiba Inu boast an army of investors with high energy and their spirits coincided with developments that took its price to $0.00001039. The delay in the release of the Shibarium layer-2 solution caused cracks in the community and a dip in enthusiasm. A buying spree could reignite if the team announces a Shibarium launch date. Until then, one can expect a dip in energy among investors.

Also Read: Shiba Inu: A $1,000 Investment Turns to $22 Million in April 2023

At press time, Shiba Inu was trading at $0.00001039 and is up 1.47% in the 24-hour day trade. SHIB is down 87.88% from its all-time high of $0.00008616, which it reached in October 2021.

  • shiba inu

Comments

Post a Comment

Popular posts from this blog

Elon Musk Denies Talks to Raise $3 Billion to Pay Twitter Debt Elon Musk Denies Talks to Raise $3 Billion to Pay Twitter Debt

Image
The Wall Street Journal reported that Elon Musk is in talks to raise $3 billion to pay off the substantial Twitter debt looming over the platform. The report states that Musk is exploring potential fundraising in an effort to begin paying back some of the $13 billion in debts that are connected to the social media platform. The report notes that Musk and his representatives have been in talks to sell up to $3 billion in Twitter shares. Adding that people close to the matter have cited discussions as far back as December. Conversely, Musk has taken to Twitter to deny the report. Source: MacRumors Musk Seeking Sale of $3 billion in Twitter Shares Since his $44 billion acquisition of the platform months ago, it has not been an easy road for Elon Musk ’s new Twitter . The controversy surrounding mass layoffs, and the highly publicized development of the subscription service have all been a constant aspect of the platform since his ownership. A massive part of his early per...
Read more

Shiba Inu Poised To Destroy A Zero: Here's When

Image
The Shiba Inu network is setting its sights on a significant milestone in the world of crypto currencies: the eradication of a decimal point. In crypto lingo, “eliminating a zero” is the term used when a coin’s price increases tenfold, effectively shifting its decimal point to the right. While this journey may be lengthy, it is by no means unattainable, and the SHIB community is abuzz with anticipation. With Shiba Inu’s (SHIB) current price standing at $0.00000793, the community is optimistic about SHIB’s prospects for destroying another zero from its price point. To accomplish this feat and breach the $0.00001 level, SHIB would need to achieve a gain of roughly 25.5%. Notably, the last time SHIB traded above the $0.000001 mark was back in August, as per Binance’s data. Source Amidst this development, the SHIB market saw a recent decrease in trading volume. While some may find this worrisome, others interpret it as a positive signal. Reduced tra...
Read more

After BRICS Success, President Xi Jinping Likely To Skip G20 Summit

Image
After the successful BRICS summit in Johannesburg, Chinese President Xi Jinping is most likely to skip attending the G20 summit in New Delhi, India. Sources familiar with the matter said that Chinese Premier Li Qiang will represent that nation at the G20 summit in September. Two Indian officials, one diplomat in China, and an official of another G20 country told Reuters on condition of anonymity that Qiang is expected to lead China’s efforts on behalf of Jinping at the summit. Also Read: Second BRICS Expansion Soon: South African PM Makes Huge Announcement Jinping is most likely skipping the G20 summit comes on the heels of the border dispute between India and China. The recent controversy over border disputes engulfed after China drew a map showcasing Arunachal Pradesh a part of Chinese territory. For the uninitiated, Arunachal Pradesh is a State in the northeast part of India and borders China. The proximity to China has caused several border disputes for decades. Whil...
Read more