Analyzing Shiba Inu Price Trends and Market Indicators
Shiba Inu Begins October with Positive Momentum
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The Shiba Inu cryptocurrency experienced an impressive surge of over 5% on the first day of October, marking a positive start to the month. This increase, however, was not driven by any specific developments within the Shiba Inu ecosystem. Instead, it was the result of a significant rise in Bitcoin’s price, which positively impacted the broader crypto market. This upward trend was a refreshing change after a challenging September that saw Shiba Inu’s price dip below $0.000012. As the recovery progresses, it is crucial to examine the trading volume and what these levels indicate for future price movements.
Current Volume Levels: Shiba Inu’s Performance Compared to Historical Highs
According to data from Coinglass, the current trading volume of Shiba Inu offers insights into investor participation and how the meme coin is performing in relation to periods of rapid price increases. Despite the recent price surge, the daily trading volumes of Shiba Inu remain relatively low. In September, the average daily volume was around $200 million, which was noticeably lower compared to previous months. This decline in trading activity coincided with a bearish sentiment that dominated the market, particularly towards the end of the month.
October, although starting on a positive note, has not yet shown significant changes in trading volume. Data from Coinglass indicates a trading volume of just over $150 million at the time of writing, which is consistent with CoinMarketCap’s reported $206 million, factoring in spot trading volumes.
Implications of Current Volume Levels on SHIB Price
The current low trading volume suggests that Shiba Inu may not be poised for an immediate substantial rally. Historical data reveals that the most significant price rallies for Shiba Inu occurred during periods of high trading volume. For instance, in 2021, when Shiba Inu reached its all-time high of $0.000088, there was a noticeable spike in trading activity. Similarly, in March 2024, the price saw a substantial increase from $0.000009 to $0.000023, accompanied by a surge in volume. Therefore, to approach its previous all-time highs again, Shiba Inu would likely require a significant increase in trading volume.
Despite the current volume challenges, there are some promising developments for Shiba Inu. Notably, exchange balances have decreased to their lowest levels since 2023. This trend indicates that investors might be holding onto their Shiba Inu tokens, anticipating better prices before selling. Such behavior reduces the immediate selling pressure on the cryptocurrency.
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