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Shiba Inu (SHIB) the dog-themed cryptocurrency, has recorded a 7.14% surge in trading volume to $265.56 million in the past 24 hours. This notable spike in trading volume occurred while the SHIB value touched $0.00001407, down by 2.09%.
Potential price reset amid increased trading activity
Trading volume figures signal heightened market activity for the meme coin as buyers and sellers trade positions. Given the current indices, a price reset appears likely anytime soon and could swing either way.
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Shiba Inu could activate its internal deflationary burn mechanism to stem the crashing price and reduce supply. This would create scarcity and stabilize the price of the meme coin, or potentially see it climb to a reasonable resistance level.Â
The development team’s recent ShibTorch burn initiative demonstrates that the key stakeholders remain keen on seeing SHIB grow.
However, the 1,115% negative net flows triggered by SHIB whales in the past seven days suggest that these large holders have reduced their positions. As reported by U.Today, the Shiba Inu whales exploit the prevailing market conditions to rake in profits.
While this may appear underhanded, the broader cryptocurrency ecosystem is experiencing profit-taking sentiment. Bitcoin and Ethereum have dipped by 3.42% and 3.04%, respectively. Therefore, the profit-taking sentiment has not exempted Shiba Inu.
Shytoshi Kusama reassures SHIB community
With these bearish indicators dogging SHIB since its poor performance dating back to June, investors have continued to anticipate a sustainable rebound in the meme coin’s price.Â
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While the burn rate of Shiba Inu has recorded massive figures in recent times, the deflationary mechanism has yet to translate into price stability.
Despite SHIB’s low price, community members have maintained hope as the Shiba Inu team continues to call for patience. Notably, Shytoshi Kusama has assured us that the development team is focused on resolving the challenges confronting the meme coin, with more focus on growth.
