The dog-themed cryptocurrency Shiba Inu (SHIB) had a 7.14% increase in trading volume in the last day, reaching $265.56 million. This significant increase in trading volume happened at the same time as the SHIB value dropped by 2.09% to $0.00001407.
Potential price reset amid increased trading activity
The meme coin’s trading volume indicates increased market activity as buyers and sellers switch positions. A price reset is imminent anytime soon and might go either way based on the present indexes.
Shiba Inu may engage its built-in deflationary burn mechanism to stop the price collapse and cut down on supply. As a result, the meme coin’s price would become scarce, stabilise, or even rise to a level where sufficient resistance is met.
The latest ShibTorch burn campaign by the development team shows that the primary stakeholders are still eager to see SHIB expand.
Nonetheless, it appears that these substantial investors have trimmed their positions based on the 1,115% negative net flows that SHIB whales have caused over the last seven days. According to U.Today, the Shiba Inu whales earn handsomely from the current state of the market.
The whole bitcoin ecosystem is feeling profit-taking, despite the fact that this may seem dishonest. The declines in Bitcoin and Ethereum are 3.42% and 3.04%, respectively. Consequently, Shiba Inu has not been immune to the profit-taking mentality.
Shytoshi Kusama reassures SHIB community
Despite SHIB’s terrible performance since June, investors have been expecting a lasting price recovery for the meme coin despite these negative indications.
Although the Shiba Inu burn rate has recently reached extremely high levels, price stability has not yet resulted from the deflationary process.
Community members have not given up hope despite SHIB’s cheap cost, as the Shiba Inu team keeps urging patience. Notably, Shytoshi Kusama has reassured us that the development team is concentrating more on growth and less on fixing the problems facing the meme coin.
