The Shiba Inu community remains hopeful for a price rebound, as significant trading volume often leads to positive price movement.
Shiba Inu (SHIB) saw a big jump in trading volume, rising 44% after a 92% increase in its token burn rate. According to Shibburn, a platform that tracks the burning of SHIB tokens, over 4.1 million SHIB were burned during this time, adding to the over 410 trillion tokens already removed from circulation.
The trading volume surge came from multiple exchanges: $74 million from OKX, $40 million from Bitget, and $30.05 million from BingX. This activity across different platforms shows strong confidence among traders, potentially signaling a strong community response to market conditions.
Shiba Inu’s Resilience and Potential for Growth
The rise in trading volume shows more interest and activity among traders, even though the market is currently down. With the overall crypto market dropping 4.4% to $2.31 trillion, Shiba Inu’s resilience is noteworthy. The trading volume increased to $161.95 million, showing a robust trading environment despite broader market challenges. The Shiba Inu community remains hopeful for a price rebound, as significant trading volume often leads to positive price movement. The 92% increase in the token burn rate also adds to this optimism, indicating a deliberate effort to reduce supply and increase value.
Shiba Inu’s market cap fell by 5.78% to $9.6 billion, reflecting bearish market sentiment. This downturn is part of a broader trend in the crypto market, affecting many cryptocurrencies. However, the increase in trading volume during a market downturn is a positive sign, suggesting that traders are strategically buying during price dips.
Increased buying activity can stabilize and boost the market by driving prices up due to higher demand. The Relative Strength Index (RSI) for Shiba Inu, which gauges market strength, is currently at 41. An RSI between 40 and 90 signals an uptrend, with 40-50 acting as support. SHIB’s current RSI indicates it is still in a good range for potential growth.
