The market is undergoing an intensive rout, triggering more than $1.06 billion in liquidations from over 278,500 traders. Shiba Inu is prominently affected by this unexpected market crash, with its price falling by 14.66% in 24 hours to $0.00001197, according to CoinMarketCap data. Consequently, the market capitalization of the meme coin has dropped to $7.09 billion.
Shiba Inu’s Volatility And Price Trends
Shiba Inu often experiences significant price falls, as it is more volatile than the average digital currency. Typically, a period of consolidation follows its epic price falls, often leading to a resurgence. With SHIB’s current price decline, it risks erasing one zero from its price.
Related article: Shiba Inu Encourages Long-Term Focus as SHIB Price Decline
Although this might seem like a setback, it could form a unique reset for the meme coin, implying the price is low enough to attract additional inflows. The trend of increased trading activity is already visible. SHIB’s trading volume has surged by over 210% in the past 24 hours, reaching $661,447,865. This spike in trading activity might soon translate to overall price growth.
Support From The ShibArmy
Amid the price fall, Shiba Inu is showing resilience. Top executives are helping the market stay calm during the sell-offs. Additionally, the ShibArmy is focusing on new advances within the ecosystem, such as the forthcoming Shiba Eternity game. The community is also anticipating new product announcements from the core developer team in the coming weeks.
Related article: Could Shiba Inu Skyrocket to $0.0005 If Ethereum Hits $100,000?
As a fast-growing ecosystem, SHIB has much to offer beyond the current price slump. The focus on new developments and the support from the ShibArmy indicate potential for future growth.
The current price reset might pave the way for a resurgence, reflecting the meme coin’s resilience and the community’s optimism.
