Shiba Inu’s price performance is bringing some unpleasant surprises
The latest price performance of the famous Shiba Inu Memecoin was quite a surprise to all the traders in the market. The SHIB token showed the lowest level of average daily volatility in the coin’s entire trading history. The main reason behind this may be tied to the relatively low amount of token burning.
According to the daily chart of the token, SHIB has been moving in one straight line for the last seven days. The price of the asset has not changed by even 1% for a week, which is an unseen price performance for such a historically volatile asset like Shiba Inu.
It is not yet clear what is the exact reason behind the asset’s underperformance, but some traders and investors believe that the token’s volatility issue on the market is linked to the sudden drop in the token’s burn rate, which That’s one of the main fuels for the Shiba Inu over the past few months with big releases like Shiberium Multiverse.
Shiba Inu price performance
On June 21, Shiba Inu entered the descending channel while moving in a downtrend, which could have been a direct sign of a reversal for the memecurrency. Unfortunately, the lack of trading volume and inflows caused SHIB to fall back below the $0.00001 threshold.
The most likely scenario right now for the Shiba Inu is continued consolidation around the current price level, which may not even be the worst case scenario for those exposed to the coin.
Unfortunately, we might not see any spikes in upward volatility in the foreseeable future, considering the lack of positivity around the cryptocurrency market.
