After the correction and consolidation felt throughout the market, the price of SHIB fell by about 50% after hitting a new ATH, but later recovered more than 40%. According to Watcher.Guru, high volatility and huge price spikes put the meme coin Shiba Inu once again among the most traded cryptocurrencies. However, short-term selling pressure expectations remain for SHIB.
Latest meme coin craze SHIB hits top 5
Shiba Inu is in the top five by daily trading volume on CoinMarketCap, along with BNB, BTC, and Ethereum. Traditionally, USDT ranks first with a trading volume of $76 billion. Shiba Inu reached $12.2 billion in transaction volume in the last 24 hours. SHIB is now once again garnering additional investor attention with volatile price movements. In addition to losing almost half of the value of the last rally, individual investors are interested in grabbing space in meme coin projects.
Also, on-chain data shows that the percentage of short-term holders reaches around 40%, which is generally considered a factor of price volatility. With the increasing number of short-term investors, the market is more likely to suffer unexpected selling pressure, as short-term targets are often lower than long-term investors’ profit expectations, experts say.
Meanwhile, SHIB is trading at $0.00005986, up 6.8% daily. The overall loss since ATH is currently at 32.33%. It had previously declined to 51%. Due to its volatile nature, SHIB has been moving in the 8-80% range every day for the past two weeks. cryptocoin.com You can take a look at the SHIB analysis we have prepared here.
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