SHIB was changing hands at $0.0000131, marginally up in last 24 hours
The Shiba Inu (SHIB) is yet to remove a void from its price this year due to the bearish crypto market conditions prevailing since the beginning of 2022. Two years ago, in September 2020, the Shiba Inu set its price with 10 zeros as it touched an all-time low of $0.00000000082.
After erasing six zeroes since then, Shiba Inu is currently left with four zeroes in its price. At the time of publication, SHIB was changing hands at $0.0000131, marginally up in the last 24 hours.
The Shiba Inu reached an all-time high of $0.000088 in October 2021, marking the final fireworks display for the 2021 bull market. Looking at the price pattern of the run-up in 2021, a similar structure appears in the middle. Looking at both times, SHIB has had a run-up over the past year – in May 2021 when SHIB hit a high of $0.0000399 and in October 2021 when the meme cryptocurrency tagged an all-time high of $0.000088. There was an initial run-up, then a flat consolidation followed by a decline, which was followed by another run-up.
With current market conditions, many traders and investors are lured by the quest of timing the bottom. Since this marks the lowest price in a given cycle, any price action that follows the bottom might be a net positive. Shiba Inu’s price presently remains tightly correlated with that of Bitcoin and the general market.
Thus, it makes more sense to track macro bottoms to see how closely macro conditions are to the price action of the crypto market.
BONE trading volumes spike 233% as price rises
Over the weekend, BONE squashed the 230 million token cap, which led to the halting of BONE minting. While BONE’s maximum supply remains at 250 million, the remaining 20 million is left for gas and validators on Shibarium.
At the time of publication, BONE was responding with a 233% jump in trading volume as well as a positive price increase of 13.53%. Bone was changing hands at $1.91 at press time.
