Shiba Inu Faces Price Drop Amid High Transaction Volume
Shiba Inu (SHIB) remains a popular cryptocurrency but has faced price struggles recently, following the crypto market downturn.
Despite high transaction volumes, including 1.3 trillion SHIB moved in just 24 hours, the token fell to $0.00001492 by the end of last week, marking an 11%.
This drop is likely linked to Bitcoin (BTC) falling below $58,000, compounded by concerns about the Genesis reimbursement plan and the US government’s recent $2 billion BTC transfer. SHIB, which often mirrors Bitcoin’s price movements, has also suffered due to Bitcoin’s downturn.
The overall negative sentiment in the crypto market further dampens SHIB’s rally prospects. The token has struggled since March, when it peaked at $0.000036 alongside Bitcoin’s all-time high.
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Despite the recent decline, a surge in trading volume suggests that major SHIB holders are becoming more active. Although the asset has stabilized since a significant drop from March to June, it remains poised for potential growth.
Positive price predictions for the weekend indicate a bullish outlook, although SHIB’s future performance may hinge on significant developments from the SHIB team or Bitcoin itself. For now, SHIB’s stability could be seen as its strongest trait.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
