Shiba Inu may ditch the flatline, as the cryptocurrency has several tricks under its sleeve. The most recent price increase of the dog meme coin was noteworthy since it was able to demonstrate the lowest degree of daily volatility ever recorded in the history of cryptocurrency trading.
As of this writing, SHIB is up 2.66%, or $0.00001217.
SHIB has been regularly darting in a straight line (flatline) for the previous few days, as seen on the daily chart. In fact, the price of the dog meme currency hasn’t changed at all for a week in a row, which is odd, especially for a volatile asset like SHIB.
Shiba Inu Trending Down?
Shiba Inu’s performance has been flat or sluggish for unknown reasons, but some investors and traders are speculating that the volatility problems with the dog meme coin may have arisen from a decline in the burn rates of the token, which is said to have been fueled by earlier Shiba Inu projects like Shibarium Multiverse.
SHIB’s penetration of the descending channel as it rolls down on June 21 may have indicated a coin flip. SHIB, however, had to roll back to $0.00001 because of the disparity in trading volume and inflows.
Shibaswap outperforms OpenSea and BAYC
Shiba Inu is dedicated to expanding and scaling the network, making it different from other meme coins you may be familiar with. Shibaswap’s debut and ongoing rise to the top Ethereum dApps in terms of social signals solidify Shiba Inu’s position in the cryptocurrency industry. In terms of daily volumes, Shibaswap was able to bring in an average of $10.8 million.
From a DEX that was able to outperform both Bored Ape Yacht Club and OpenSea, this is an excellent performance. Notably, there were also withdrawals made in exchange, which is extremely common, especially at discounted prices. SHIB is currently trading at a significant discount to its ATH.
Shibaswap has also had a significant impact on SHIB’s performance. However, compared to other economic or market causes that might have contributed to its strange price movement or behavior, its influence isn’t as strong. People will only have to wait and watch, but it’s anticipated that the Shibaswap ecosystem will develop and thrive, which might encourage more people to stake SHIB.
In other developments, the meme coin is still valued by the cryptocurrency community even though SHIB is no longer among the top cryptocurrencies by market valuation. Shiba Inu intends to create a stablecoin designed for its environment, a collectible card for the metaverse, and a reward token.
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