Shiba Inu Battles 0.81% Dip as Bulls Pin Hopes on SHI Launch

Shiba Inu (SHIB) has seen a slight drop of 0.81% over the last 24 hours, bringing its price to $0.00001146. The meme coin fluctuated between a low of $0.00001144 and a high of $0.00001175, showing minimal volatility during the period. SHIB’s market cap now sits at $6.75 billion, reflecting a 0.90% decline in tandem with the price movement.

24-hour trading volume plummeted by 18.76% to $104.5 million. The volume-to-market-cap ratio stands at 1.54%, suggesting low trading interest relative to its massive market cap. Many traders appear to be holding, waiting for the next major move or catalyst.

Dominates

Despite the small decline, community sentiment remains overwhelmingly bullish. According to over 1 million CoinMarketCap votes, 88% of respondents feel optimistic about SHIB’s future. This shows that retail investors are still backing the token, even amid reduced momentum.

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Part of this optimism may be linked to recent ecosystem updates. SHIB developers have unveiled the Shib Alpha Layer, which enables custom rollups on Shibarium, the project’s layer-2 blockchain. More notably, the team is teasing the launch of SHI, a native stablecoin. If successfully deployed, SHI could help anchor SHIB’s ecosystem and reduce its price volatility, potentially attracting more serious investors.

Supply and Long-Term Metrics

SHIB currently has 589.24 trillion tokens in circulation, very close to its maximum supply of 589.55 trillion. Historically, SHIB has delivered stunning returns skyrocketing over 14 million percent from its all-time low of $0.00000000008165 in 2020. However, it’s still down 87.05% from its peak of $0.00008845 reached in October 2021.#Shibarium #Write2Earn #SwingTradingStrategy $SHIB