In the past 24 hours, Shiba Inu (SHIB) has seen a slight price dip of 1.73%, now trading at $0.00001216. Despite the price slipping, the meme coin recorded a significant 22.24% spike in trading volume, hitting $174.86 million. This uptick in activity suggests strong market engagement, possibly hinting at larger movements ahead.
Shiba Inu’s market cap stands at $7.16 billion, slightly lower due to the price drop. Its fully diluted valuation (FDV) is $7.17 billion, reinforcing its high liquidity. With a circulating supply of 589.25 trillion tokens out of a maximum 589.55 trillion, most of SHIB’s total supply is already in circulation, leaving minimal room for inflationary pressure.
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Price Action Shows Volatility
Today’s high reached $0.00001244, while the low fell to $0.00001196. This narrow yet active range indicates high volatility, typical for SHIB, which often attracts day traders looking to capitalize on quick price swings. The chart reveals repeated attempts to break past the $0.00001240 level, followed by sharp pullbacks.
24-hour price chart. Source: CoinMarketCap
Despite the downward pressure, the coin found intermittent support near $0.00001200, preventing a deeper plunge. However, the pattern of lower highs could signal bearish momentum creeping in unless a strong catalyst pushes the price upward.
Long-Term Outlook: Still Recovering from 2021 Highs
SHIB’s all-time high of $0.00008845, set in October 2021, is still far off. The current price reflects an 86.23% drop from that level. However, it has skyrocketed by over 14,916,464% from its all-time low of $0.00000000008165 in September 2020.
Related article: SHIB Team Issues Urgent Scam Warning — “You’re One Step Away From Being Scammed”
That historical return still keeps many holders optimistic despite short-term volatility. Today’s price drop doesn’t tell the full story. The spike in volume suggests increased trader interest, potentially setting the stage for bigger moves.
Shiba Inu may continue fluctuating in this range unless a broader market shift or SHIB-specific news provides direction. Traders should keep a close eye on volume trends and support levels for any breakout signs.
