Is Shiba Inu Goal to $0.001 in Doubt As Trading Volume Declines
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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.