As a seasoned crypto investor with battle scars from previous market routs, I must admit, this latest dip is causing a familiar sense of déjà vu. However, it’s not all doom and gloom for Shiba Inu. The coin has shown resilience before, bouncing back after periods of consolidation – much like a Shiba pup that shakes off water after a good swim!
The financial market is experiencing a severe sell-off, causing over 278,500 traders to liquidate assets worth more than $1.06 billion. Notably, Shiba Inu has been significantly impacted by this unexpected downturn, with its price dropping by 14.66% in the last 24 hours to $0.00001197 according to CoinMarketCap. This sell-off has resulted in a decrease of Shiba Inu’s market capitalization to approximately $7.09 billion.
Expected Shiba Inu rodeo
Shiba Inu, unlike most digital currencies, can be quite unpredictable with its price swings. In fact, after significant drops, it typically goes through a phase of stabilization. However, following these downturns, there’s usually a recovery period where the currency bounces back.
As the cost of SHIB decreases to its present value, there’s a risk that one zero could be eliminated from its price in the future. While this may seem like a significant obstacle, it could also represent a fresh opportunity for the meme coin. This “reset” suggests that the price has fallen low enough to attract new investments overall.
The surge in trading volume is quite evident now, with a staggering increase of over 210% within the last 24 hours, reaching an impressive $661,447,865. This significant spike suggests high network activity, which could potentially lead to a rise in overall prices in the near future.
Cushion push
Despite the recent decline in prices, Shiba Inu is demonstrating its resilience by establishing a strong foundation. Notably, key leaders are maintaining stability within the market during heavy selling waves.
The ShibaArmy is additionally concentrating on recent advancements within their ecosystem, such as the upcoming Shiba Eternity game. Furthermore, they are keenly interested in learning about any potential new products that the development team may unveil over the next few weeks.
For Shiba Inu (SHIB), it’s crucial to concentrate on its expanding ecosystem beyond the temporary dip in prices that we are experiencing now.
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2024-08-05 13:54