u.today
Shiba Inu's ($SHIB) trading volume has crashed within the last 24 hours as prices continue to experience downward movement within the same time frame. After breaching the $0.000013 support, $SHIB has continued to fluctuate despite bullish sentiment in the community.
Shiba Inu volume plunges despite market activity
According to CoinMarketCap data, Shiba Inu recorded a 12.3% decline in volume to $135.73 million. This amounts to 10,620,000,000 $SHIB within the past 24 hours. This massive crash is one of the highest among altcoins within this period. This suggests that the dog-themed meme coin remains troubled as investors monitor trends.
$SHIB’s volatility had plunged the meme coin to a depth of $0.00001272 as the sell pressure mounted before posting a recovery. It is changing hands at $0.00001283, representing a 0.43% increase in the last 24 hours.
The 10.62 billion tokens are unusual compared to the performance of other altcoins. The king of the meme coins, Dogecoin, also suffered a similar decline, with an 8.78% drop to $979.47 million.
This unexpected drop might have triggered large holders to sell off in either a profit-taking or portfolio rebalancing move.
Meanwhile, $SHIB’s burn mechanism, designed to reduce circulating supply, has also dramatically dropped. In the last 24 hours, the burn rate plummeted by 20.64% as only 16,457,713 $SHIB tokens were incinerated.
$SHIB’s June historic red streak and 2025 hopes
As U.Today reported, June is a bearish month for the meme coin. Shiba Inu has never closed the month of June in the positive. It has always posted red candles for the altcoin.
Technical indicators of $SHIB have not shown enough promise that the token could reverse this trend. Most of the metrics for a potential rebound remain in the red zone and bearish.
Despite these signals, traders remain optimistic that $SHIB might register a surprise in 2025. They anticipate a possible rally soon and see this period as a consolidation phase for the meme coin.