Shiba Inu (SHIB ($0.00)) faced a turbulent week, shedding 17.57% of its value. From its opening high of $0.00002125, SHIB descended to its current price of $0.00001789. The downward trend intensified mid-week, mirroring the broader market sentiment. Despite the dip, trading volumes surged 126.36%, hitting $402.15 million, reflecting heightened activity as investors responded to the price drop.
Key Indicators Spell Trouble
Shiba Inu’s market cap dropped by 10.87%, now sitting at $10.54 billion. This decline highlights growing uncertainty among holders. The Fully Diluted Valuation (FDV) aligns with the market cap at $10.54 billion, further emphasizing the token’s decreasing demand.
7-days price chart- source: CoinMarketCap
SHIB’s circulating supply remained steady at 589.25 trillion tokens, but the declining price signals that supply pressure could be an issue. This week’s low of $0.00001789 is a stark contrast to SHIB’s all-time high of $0.00008845, recorded in October 2021.
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SHIB now trades 76.4% below that peak, showcasing the challenges memecoins face in retaining momentum. However, when compared to its all-time low of $0.00000000008165 in September 2020, SHIB has still delivered an astronomical 2,556,982% return, proving its early potential.
Mixed Sentiment Amid Rising Volumes
While the drop may concern long-term holders, the spike in trading volumes suggests opportunistic investors could be entering the market. The 7.5% volume-to-market cap ratio indicates significant liquidity, which could stabilize the price once the sell-off subsides. However, global macroeconomic factors and regulatory uncertainties continue to influence the crypto market broadly.
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The week’s sharp decline raises questions about SHIB’s ability to sustain interest amidst increasing competition in the memecoin space. However, the rising volumes suggest hope for a rebound. Investors will need to watch closely for any signs of market stabilization or further dips. Shiba Inu’s performance reflects the high volatility of the crypto space.
As it stands, the week’s numbers underline the challenges ahead while also hinting at the potential for recovery if market conditions improve.
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