SHIB still remains popular among traders, reaching the top five most traded coins on the market in the last 24 hours
Following the global market correction and consolidation, SHIB’s price fell by approximately 50% after reaching a new ATH but then recovered by more than 40%. High volatility and massive price spikes put Shiba Inu in the top-trading coins once again, according to Watcher.Guru.
Shiba Inu entered the top five in terms of daily coin volume on CoinMarketCap alongside BNB, BTC, and Ethereum. Traditionally, USDT remains in first place with $76 billion of the trading volume. Shiba Inu has reached $12.2 billion of the trading volume in the past 24 hours.
Once again, Shiba is attracting additional investor interest with volatile price movements. Besides losing almost half of the last rally’s value, retail traders are still more than interested in purchasing some meme-based tokens.
Data on the chain suggests that the percentage of short-term holders has reached almost 40%, which is generally considered a factor of volatility. With an increasing number of short-term holders, the market is more likely to hit unexpected selling pressure since short-term targets are usually lower than long-term investors’ profit expectations.
At press time, SHIB is trading $ 0.000058 with a 6.8% daily loss. Overall loss since the ATH is now at 33%. It was previously at 51%. Due to its volatile nature, the SHIB has moved within an 8-80% range every day for the past two weeks.
