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Shiba Inu (SHIB) has seen transactions exceeding 1.53 trillion SHIB within the last 24 hours, signaling intense market activity amidst significant volatility.
Shiba Inu Faces Market Volatility Amid 1.53 Trillion SHIB Transactions
A whirlwind of activity has ensued on Shiba Inu, with transactions totaling over 1.53 trillion SHIB in the past 24 hours.
U.Today elaborates that despite the enormous volume of transactions, the meme currency is clearly losing popularity and is struggling to maintain its value within the overall market volatility. Recent events in the financial sector have only served to exacerbate the problems already experienced by SHIB and its investors.
According to the graph, the price of the meme coin has dropped dramatically, and it is now trading at around $0.00001104, down from around $0.00002.
Substantial Devaluation of Shiba Inu Despite 1.53 Trillion SHIB
This drop represents a substantial devaluation and may be an indication of future difficulty. Based on the quiet on-chain statistics, it seems like Shiba Inu are being bought at the bottom, which indicates that investors aren't very confident. People often assume that people are desperate or don't believe in the prospective returns of these assets because of the trend of buying them at low costs.
Investors are being cautious, as seen by the enormous number of deals happening at these low points.
Lack of Buying Pressure Despite 1.53 Trillion SHIB Transactions
Even if there has been a large amount of transactions involving SHIB, the lack of significant buying pressure at higher levels suggests a negative prognosis for the stock. The recent marketwide liquidation resulted in losses of over $1 billion and affected many digital assets, Shiba Inu included.
The current predicament for SHIB has been exacerbated by this big sell-off, which has increased the downward pressure. Because of the meme coins' extremely unpredictable price movements, it is difficult for investors to predict their next move.
Trust Issues Evident with Large SHIB Withdrawals
Huge withdrawals from exchanges, which happen when holders transfer their SHIB off platforms (maybe because they expect greater drops), underscore the lack of trust even more. Having said that, Shiba Inu does have some redeeming qualities.
