Following the global market correction and consolidation, SHIB’s price dropped by approximately 50% after reaching a new ATH, but recovered by more than 40%. According to Watcher.Guru, Shiba Inu is once again among the top-trading coins due to high volatility and massive price spikes.
Shiba Inu has joined the top five most traded coins on CoinMarketCap, alongside BNB, BTC, and Ethereum. USDT has traditionally held the top spot, accounting for $76 billion in trading volume. Shiba Inu has reached a trading volume of $12.2 billion in the last 24 hours.
Shiba piques the interest of investors once more with volatile price movements. Despite losing nearly half of the value of the previous rally, retail traders are still eager to purchase some meme-based tokens.
According to on-chain data, the percentage of short-term holders has nearly reached 40%, which is usually considered a volatility factor. Because short-term targets are typically lower than long-term profit expectations, the market is more likely to experience unexpected selling pressure as the number of short-term holders grows.
SHIB is currently trading at $0.000058, representing a 6.8 percent daily loss. The overall loss since the ATH is now 33%. It had previously been set at 51%. SHIB has moved in the 8-80 percent range every day for the last two weeks due to its volatile nature.