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Daily Chart Shows Trade Activity Around SHIB Picking Up

Cryptocurrency May 15, 2022 06:00AM ET
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Daily Chart Shows Trade Activity Around SHIB Picking Up

  • Shiba Inu (SHIB) has fallen slightly in price over the last 24 hours according to CoinMarketCap.
  • 1 billion SHIB has been burned in the last 48 hours.
  • Activity around the project has picked up quite a bit in the last few days.

The popular meme cryptocurrency, Shiba Inu (SHIB), has fallen slightly in price over the last 24 hours according to CoinMarketCap.

At the time of writing, SHIB’s price stands at $0.0000123, which is a 2.88% price drop in the last day. This of course adds to the trend seen in SHIB’s price in the last week as its price is also down 34.96% over the last 7 days.

SHIB is currently ranked number 15 on CoinMarketCap’s list of the largest cryptos by market cap, and has a market cap of $6,753,857,325. Its large market cap is mainly due to its very large token supply of $549,063,278,876,302.

SHIB has launched a burn portal that members of the SHIB community, also known as the SHIBArmy, can send tokens to to burn tokens. This is an attempt to bring down the supply of SHIB and thus make it more rare, which should, theoretically, make SHIB more valuable.

The community has burned a number of tokens already, and increased the total amount of burned SHIB tokens by just over 1 billion tokens in the last 48 hours.

SHIB sees short bounce following 48H token burn (Source:TradingView)

Looking at the daily chart, the burning of the 1 billion tokens of SHIB over the last 48 hours did cause SHIB to rebound a bit. Besides the token burning, there was also an influx of buy trade volume. However, SHIB was unable to break past the nearest resistance level of $0.00001400.

The increased trading volume over the last couple of days signal that interest has returned to SHIB, breaking the minimal trading activity seen over the last few weeks. Technical indicators still suggest that investors are bearish on SHIB. However, the tides may turn for the coin as activity around it picks up again.

Continue reading on CoinQuora

Daily Chart Shows Trade Activity Around SHIB Picking Up
 

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