Almost Zero: 320 Billion Shiba Inu (SHIB) in 24 Hours

Shiba Inu's Transaction Volume Plummets, Raising Concerns About the Meme Coin's Prospects

The latest data on Shiba Inu (SHIB) paints a concerning picture. In the past 24 hours, only 320.14 billion SHIB were transacted, a far cry from the robust transaction volumes seen during the meme-coin's bullish days when the 24-hour figure frequently exceeded one or two trillion. This dramatic decline has reduced the once-significant trading activity to a mere rounding error.

The on-chain data further reinforces this weakness, as heavy transaction volumes remain low despite SHIB's struggling price. The seven-day peak for large transactions stands at a mere 3.14 trillion SHIB, a fraction of the levels that initially fueled the meme-coin frenzy.

SHIB's price chart also presents a worrying scenario, with the token trading precariously close to multi-month lows at around $0.0001297 USDT. The recent breakdown below the 50 EMA and horizontal support suggests that bears are gaining strength, and the 200 EMA looming below could be the last line of defense before a potential further slide.

The general market malaise is reflected in SHIB's technical performance, as the token has been trapped in a downward trend since late 2024, forming lower highs and lower lows. The sharp decline in the volume of large transactions further highlights the lack of interest or conviction from whales, reducing the upside potential of SHIB.

Without a resurgence of speculative zeal, it seems unlikely that SHIB will make a significant comeback in the near future, as retail interest appears to be waning. In essence, SHIB is stuck, and the path of least resistance currently points downward, barring a substantial catalyst or a whale-led surge. Without a meaningful increase in trading volume, SHIB's price action is likely to remain in the doldrums, and the 320 billion SHIB figure serves as a cautionary tale rather than a reason for celebration.