Shiba Inu (SHIB) Still Trending on Social Media But Prices Faces Consolidation

Shiba Inu (SHIB) Still Trending on Social Media But Prices Faces Consolidation
  • Whales are buying the meme-based coin.
  • The prices remained stable and did not decrease.

On-chain data from Santiment suggests that the fuel tank for another big move may have been depleted. Still, the social volume and overall attitude about Shiba Inu remain very favorable and robust.

In contrast to social media indications, the market data from SHIB does not seem to be increasing in lockstep with them. In the last week, the token’s trading volume on Binance exceeded 11 trillion tokens. Compared to a prior week when it was close to 200 trillion tokens.

Investors Still Interested

Positive social volume may imply that traders and investors are still interested in the token’s future. But not prepared to support it financially. SHIB, a cryptocurrency that has lately surpassed Bitcoin, Ethereum, and Dogecoin in terms of social media popularity. Has received much attention from investors who still believe in the coin.

According to earlier reports, whales are buying the meme-based coin and placing their bets on its growth. Prices very likely rose on October 11 as a result of the tremendous amount of purchasing power displayed.

SHIB/USDT: Source: TradingView

This is a 19 percent decrease from the previous high of $0.00003563. Following a period of extremely high open interest in SHIB futures, the open interest in SHIB futures has also decreased significantly. In spite of the fact that most traders pulled their money out of meme derivatives, their prices remained stable and did not decrease.

According to CoinMarketCap, the SHIBA INU price today is $0.000027 USD with a 24-hour trading volume of $2,524,119,478 USD.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.