Despite recording a staggering 3 trillion SHIB in trading volume, Shiba Inu (SHIB) has struggled to achieve expected price gains. On-chain data indicates significant activity, yet SHIB’s price remains in a downtrend, raising questions about its future trajectory and critical support levels.
Shiba Inu’s Price Movement Amid High Trading Volume
In the past week, SHIB has garnered attention with over 3 trillion tokens traded, although its price performance has lagged. According to on-chain data, SHIB recorded 209 large transactions during the week, but this heightened activity did not translate into a price increase. Over 1.27 trillion SHIB tokens were exchanged just yesterday, with the meme coin’s price hovering around $0.00001767 and showing bearish momentum.
With a 24-hour trading volume of $334.5 million, SHIB’s market cap stands at approximately $10.5 billion, reflecting its strong position in the rankings. The circulating supply is currently 589 trillion, out of a total supply of nearly 1 quadrillion. However, the fully diluted market cap (FDV) at $17.8 billion could imply a larger valuation if the entire supply were in circulation, indicating a cautious outlook for investors monitoring the price action.
Will SHIB Maintain Key Support Levels?
SHIB’s current performance highlights a disparity between trading volume and price recovery, suggesting that large transactions may be more distributive than accumulative. Shiba Inu is trading just above the 100-day Exponential Moving Average (EMA), making support levels crucial for its stability. Should SHIB fail to hold at $0.000017, the next critical support level lies at $0.00001630, below which there may be a risk of a more substantial decline.
The high trading volume shows that the network remains active, with considerable amounts of SHIB changing hands. Yet, this activity has not spurred substantial price growth, perhaps due to insufficient demand to support a return to previous highs. SHIB’s future price trajectory will likely depend on broader market conditions and new buyer demand in the coming weeks.
Shiba Inu’s performance could be influenced by overall market sentiment and investor psychology, making these factors essential to watch for price resilience or further decline.
