Shiba Inu, (SHIB), is full of surprises. 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.
SHIB was up by 2.66% as of today, at $0.00001217
The daily chart shows that SHIB darted in a straight line over the last 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.
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.
SHIB’s June 21 penetration of the descending channel was a sign that it is about to reverse its course. SHIB decided to return to $0.00001 because of discrepancies between trading volumes and inflows.
Shibaswap outperforming OpenSea and BAYC
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 made an average $10.8 million per day in daily volumes.
This was an extraordinary performance by a DEX which managed to surpass both Bored Ape Yacht Club (OpenSea) and OpenSea. There were also in-exchange withdrawals, which is quite common at lower levels. SHIB trades are currently at a significant discount from the ATH.
Shibaswap’s influence has been more significant than any other economic or market forces that have had an impact on SHIB’s performance. But, its impact isn’t as powerful compared other economic or market forces that may have caused its uncanny price movement or behavior. It is possible for the Shibaswap community to expand, which could influence even more people to stake SHIB. But people will have to just wait to see.
SHIB no longer ranks among the top cryptos according to market caps, however, it is still preferred by the crypto community. Shiba inu plans to create a reward token and stablecoin for its ecosystem.
SHIB's total market cap is $384 billion according to the Saturday chart. Source: TradingView.com| Source: TradingView.com Featured Image from Slate.com. Chart by TradingView.com.