Shiba Inu traders are conducting their activities like business as usual

Shiba Inu (SHIB), which had a fantastic week of price movement, has succumbed to the bears’ pounce pressures, and at the time of this writing, it is experiencing a significant sell-off.

The price of the meme currency is $0.000009954, down 8.78% from the previous day. At the time of writing, SHIB is changing hands at $0.00001021.


SHIB/USD 4-hour chart | Source: TradingView

Since last week, the token has lost up to 12.72% because of the present selling pressure. Despite this, the trade volume for Shiba Inu over the last 24 hours has been positive.

SHIB has been traded for a total value of $478,001,785, an increase of 16.23%. This information suggests that there is still active buying on exchanges despite the lack of price growth.

The meme coin has been pushing its ecosystem to act as a one-stop shop for everything in Web 3.0, and Shiba Inu has its niche and community. Shiba Inu’s utility is expanding on all fronts, from its inclusion as a payment method on merchant platforms to its shift into the fast food industry through investment in Welly, a fast food start-up with plans to expand to Dubai.

Shibarium, the Layer 2 protocol eagerly awaited by the Shiba Inu community, is about to enter beta testing. The transaction volume is increasing at the moment may be due to the excitement surrounding the Shibarium launch and the worry of missing out on potential growth that may follow SHIB and the other ecosystem tokens.

Shiba Inu is notorious for its high volatility. Therefore, given that its key measures, such as its burn rate, are still flashing positive, we might soon witness a price retracement.

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