Shiba Inu’s (SHIB), has many surprises in store. 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 has risen by 2.66%, or $0.00001217 as of the time this article was written.
SHIB’s daily chart indicates that SHIB is darting in a straight line for the past several 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 Iu 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 entered the descending channel on June 21 as it rolls down, which may have indicated a coin reverse. SHIB decided to return to $0.00001 because of discrepancies between trading volumes and inflows.
Shibaswap Performs at 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 managed to make an average daily volume of $10.8million.
It is a remarkable performance from a DEX, which was able outperform BORED APE Yacht Club and OpenSea. It was not unusual to see in-exchange withdrawals at low levels. SHIB trades currently are at a massive discount from its 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 has been removed from the list of top cryptocurrency according to market capital, but the meme coin remains a favorite in the crypto world. Shiba inu plans to create a reward token and stablecoin for its ecosystem.
SHIB market capital at $384 Billion according to the Weekend Chart | Source: TradingView.com Featured Image from Slate.com. Chart by TradingView.com.