Shiba Inu (SHIB) has been hit by market turmoil, leading to a sharp decline in its value from the top 15 cryptocurrencies by market cap. In the past 24 hours, the token fell by 9.18% to trade at $0.00002095.
The current supply of SHIB tokens is 589.5T, most of which are held on centralized exchanges and within DeFi mortgage protocols. The Shiba Inu’s market cap fell 7.35% in the last day, settling at $12.67 billion. However, its trading volume grew nearly 11% over the past 24 hours to $964.26 million, according to CoinMarketCap.
The SHIB community burned their tokens to reduce trading and increase prices. Last week, the community burned about 66.15 million SHIB tokens, but the efforts did not positively impact the market, as SHIB prices are still declining.
Shiba Inu is trading below important resistance levels
Due to volatility, the currency experiences a sharp decline in returns, as there are no new inflows and speculative interest. The SHIB market is unwilling to support the recovery, as evidenced by its failure in its attempt to break above $0.000022. Due to its over-reliance on hype and speculative trading, the Shiba Inu ecosystem is currently struggling to remain relevant in the competitive market.
SHIB’s day-to-day performance is frustrating. The meme coin is trading below critical resistance levels. Currently, its price volatility has reached its lowest levels with less significance. The digital asset lacks momentum, suggesting that the currency may maintain bearish or neutral sentiment RSI. This trend has led to a decrease in investor interest and a reduction in their activities.
TRUMP meme coin outperforms PEPE and SHIB
Trump Coin, a newly launched meme coin formed by President-elect Donald Trump, has reached a new milestone one day after its launch. It has upended popular cryptocurrencies Pepe (PEPE) and SHIB to become the second largest meme token by market cap.
With a current market cap of about $13.3 billion, Trump trails only Dogecoin (DOGE), the popular meme coin and favorite of Elon Musk, co-chair of the Department of Government Efficiency (DOGE) under the incoming Trump administration. According to the latest data, Dogecoin’s market cap is about $57.1 billion.
The overall coin market has been in sharp decline, with most tokens posting double-digit losses and erasing their recent gains. still, Vartcoin (Fart Coin), Mimi coin is traded exclusively on the Solana blockchain, It continues to grow and maintain its gains at press time.
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