Popular Meme Token Volumes Have Reached the Lowest Level in Recent Months! Is it a Bearish Signal?

Being a prominent meme token Shiba Inu (SHIB)has recently set a new anti-record with its trading volume reaching the lowest level in recent months.

Meme Token Shiba Inu (SHIB) Volumes Drop

This decline in trading activity can be primarily attributed to the asset’s reduced volatility and the overall reduction in market demand for riskier investments.

At the time of this writing, SHIB is trading at $0.000001040, losing 5% of its value in the past week. The token is currently trading below both the 50-day and 200-day moving averages, indicating a bearish trend.

Also, declining trading volume and the Relative Strength Index (RSI), hovering around the neutral 50 mark, further highlight the weakening interest in the token.

The decrease in demand for risk in the market can be attributed to many factors, including the increasingly cautious approach of investors due to global economic uncertainties and regulatory concerns.

As a result, many investors and investor funds Bitcoin and Ethereum It prefers to allocate to more established and less volatile cryptocurrencies such as cryptocurrencies and even alternative investment options outside the crypto market.

XRP Shows An Unexpected Comeback

XRP has made a significant comeback after hitting a local top at $0.45, posting a solid 12% price gain since it bounced off the 200-day moving average.

This unexpected upward move has brought XRP to the brink of a golden crossover for the digital asset that could lead to a long-term trend reversal.

XRP’s recent price action can be attributed to a number of factors, including positive sentiment in the broader cryptocurrency market and renewed investor interest.

Additionally, Ripple, the company behind XRP, is taking steps in its ongoing legal battle with the US Securities and Exchange Commission (SEC), which may have contributed to the asset’s positive momentum.

*Not investment advice.