23 April, 2024



SHIB’s Remarkable Performance in Trading Volume Shakes Crypto Markets

05 Mar, 2024

12 Mar, 2024

  • Shiba Inu’s trading volume exceeds BNB, Solana, and XRP combined, marking a significant milestone.
  • Traders cautioned as SHIB’s RSI indicates potential overbought conditions, advising vigilance.
  • SHIB’s surge underscores its dominance, challenging established cryptocurrencies and attracting investor interest.

SHIB has outstripped major players like Binance Coin (BNB), Solana, and XRP combined by over a billion dollars, marking a significant milestone in its journey. Shytoshi Kusama reported Shiba Inu’s recent performance via tweet, underscoring the significant milestone it has achieved in terms of trading volume.

 

At press time, data from CoinMarketCap indicates Shiba Inu’s price at $0.000038, with an impressive 24-hour trading volume of $13,381,495,029. Over the past 24 hours, SHIB has surged by 52.16%, boasting a live market cap of $22,406,631,210 and a circulating supply of 589,289,410,812,691 SHIB coins. This surge has shattered a major resistance level, propelling SHIB towards $0.00006326 and positioning it among the top gainers in the market.

In contrast, Binance Coin (BNB) is priced at $424.09, with a 24-hour trading volume of $2,505,461,033. Solana‘s price of $132.08 is accompanied by a trading volume of $5,039,601,374 over the same period. Meanwhile, XRP is trading at $0.642652, boasting a 24-hour trading volume of $4,475,054,523. Despite their established positions in the market, these cryptocurrencies pale in comparison to SHIB’s overwhelming trading volume.

However, amidst SHIB’s remarkable performance, traders are advised to tread cautiously. The Relative Strength Index (RSI) on the 4-hour chart reads at 75.06, suggesting potential overbought conditions in the short term. Consequently, traders should exercise caution and await a possible pullback before entering long positions. 

Source: TradingView

Moreover, the Moving Average Convergence Divergence (MACD) stands at 0.00000586, indicating a slight bullish momentum. Traders must vigilantly monitor MACD for signs of a trend reversal before making any trading decisions.

With its latest price surge, Shiba Inu has surpassed several established competitors, including Chainlink (LINK), Polygon (MATIC), and Tron (TRX). This feat underscores SHIB’s growing dominance and solidifies its position as a formidable contender in the crypto arena. Moreover, SHIB’s rapid ascent highlights the increasing interest and adoption of meme-based cryptocurrencies, challenging traditional market dynamics.

Shiba Inu’s unprecedented rise in trading volume and price signifies a significant breakthrough in its journey. While its performance is impressive, prudent risk management is crucial in navigating the volatile crypto market. As SHIB continues to captivate investors worldwide, its resilience and growth potential remain key factors to watch.

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