Amid a prevailing consolidation phase, Shiba Inu has seen trade volume decline drastically in the past few days, fueling doubts about a rally to $0.001.
Shiba Inu (SHIB) has continued to register declines in its 24-hour trade volume, signaling a decrease in interest. These persistent declines have come up amid an ongoing consolidation that has kept the asset below $0.000011, leaving investors doubtful of a rally to the $0.001 price target.
Shiba Inu’s volume has failed to hit the $400 million mark since April 3. Trade volume continues to fluctuate around the $150 million to $300 million range, collapsing to a paltry $124 million value on April 23, per data from Coingecko. This marked the lowest 24-hour trade volume for SHIB in over three months.
A declining trade volume indicates a drop in investors’ interest. Interest in SHIB has waned of late due to its extensive consolidation. Since dropping below $0.000011 on April 19, the asset has failed to reclaim the price territory.
Shiba Inu-inclined investors could troop into the asset in the event of a broader market-wide rally. In addition, the emergence of a bullish development within the Shiba Inu ecosystem could also trigger a renewal of interest, which would influence a surge in trade volume and increased volatility.
This phenomenon was observed in February amid anticipating the Shibarium public beta release. A surge in whale activity saw Shiba Inu’s trade volume surge to $1.9 billion on Feb. 5, marking the largest 24-hour volume this year. SHIB rallied to a high of $0.000015 in response.
Shiba Inu Outperforms Major Stocks
Despite the prevalent consolidation, Shiba Inu is still up 27% this year. Moreover, SHIB has outperformed the S&P 500 and the Nasdaq 100 indexes this year, gaining 9% and 21% year-to-date, respectively. Shiba Inu has also outperformed Pfizer stock which is currently down 24.13% this year.
Most top crypto assets have also been consolidating of late. This indicates that the SHIB’s bearish situation is not unique, and its price target of $0.001 could remain in the realm of possibilities. With the launch of Shibarium, ShibaSwap 2.0, SHIB: The Metaverse, and the recently-introduced Shiba Inu cold wallet, the asset could find renewed support to aim for the target.
Meanwhile, despite the prevailing consolidation, Shiba Inu has retained the support level at $0.00001 in the past few weeks. As previously reported by The Crypto Basic, the asset continues to defend the $0.00001 support as it awaits a renewal of investors’ interest for a rally to the February high of $0.000015. SHIB is trading for $0.0000103, up 0.13% in the past 24 hours.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.