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.
