Shiba Inu Displays Surprising Price Movement – Can SHIB Ditch The Flatline?
August 06 2022 - 12:09AM
NEWSBTC
Shiba Inu (SHIB) is full of surprises up its sleeve. The top dog
meme coin’s latest price rally was impressive as the coin was able
to showcase the lowest level of daily volatility as seen in the
entire crypto trading history. As of this writing, SHIB is up by
2.66% or at $0.00001217. According to the daily chart, SHIB has
been consistently darting on a straight line seen in the past few
days. In fact, the dog meme coin’s price hasn’t moved a bit for a
straight week, which is bizarre especially for a volatile asset
such as SHIB. Related Reading: SOL Loses $40 After The Exploit –
What’s The Next Support? Shiba Inu On A Flatline? It’s uncertain
why Shiba Inu has been showing a flatline or sluggishness in
performance – but there are some talks coming from investors and
traders that the volatility issues of SHIB seems to have cropped up
from the decline in the burn rates of the token, which is said to
have been fueled by previous Shiba Inu projects lke Shibarium
Multiverse. On June 21, SHIB penetrated the descending channel as
it rolls down which could have signaled a coin reversal. However,
the discrepancy in trading inflows and volume prompted SHIB to roll
back to $0.00001. Shibaswap Outperforming BAYC And OpenSea Shiba
Inu isn’t just another meme coin you’ve heard of because it’s
committed to growing and scaling the network. Shibaswap’s launch
and its continuous thrust as the top Ethereum dApps in terms of
social signals cements Shiba Inu’s status in the crypto space.
Shibaswap was able to rake in an average of $10.8 million in terms
of daily volumes. This is an exceptional performance coming from a
DEX that was able to outperform both Bored Ape Yacht Club and
OpenSea. Notably, there was also an in exchange withdrawals which
is quite normal especially at discounted levels. Currently, SHIB
trades at a huge discount from its ATH. Related Reading: THORChain
(RUNE) Ready For 20% Climb Before Next Correction More so,
Shibaswap has had a huge influence on the performance of SHIB. But,
its impact isn’t as powerful compared other economic or market
forces that may have caused its uncanny price movement or behavior.
The Shibaswap ecosystem is expected to grow and expand which may
influence more people to stake SHIB, but people just have to wait
and see. In other news, while SHIB is no longer a part of the top
cryptocurrencies according to market cap, the meme coin is still
favored by the crypto space. Shiba Inu is planning to develop a
reward token, stablecoin built for its ecosystem, and a collectible
card for the metaverse. SHIB total market cap at $384 billion on
the weekend chart | Source: TradingView.com Featured image from
Slate.com, chart from TradingView.com
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