Shiba Inu (SHIB) is a notable dog-themed meme coin with a strong and supportive community. The SHIB development team has shown dedication to enhancing the meme coin through several initiatives, developments, collaborations, and listings.
The meme coin realm has been on an uphill surge in the last week, with billions in trading volume. However, the surge in trading volume seems to have failed to keep the price stable.
According to CoinMarketCap data, the price of Shiba Inu (SHIB) has plummeted by 1.76% in the last 24 hours. The price of SHIB stands at $0.000008893 at the moment. The data also reveals that SHIB is down by 10.2% in the last 7 days and by 18.17% in the last 30 days. Shiba Inu has added a zero to its price and is trading almost in the same range as it was during the collapse of FTX in November 2022.
Even though Shiba Inu touched a high of $0.00001789 in the last few months, the gains have all been erased.
Good News? Shiba Inu Buying Activity Rising
Amidst the falling prices, one piece of positive news is the increased Shiba Inu buying activity. Whales have forever been interested in SHIB and have accumulated it during the dips. Data from IntoTheBlock reveals that the sudden drop in the price of SHIB has alerted whales to buy the dip.
The data stands as an example of a spike in Shiba Inu buying activity. The recent fall in price has also affected the market cap of Shiba Inu coins. The 20% spike in the 24-hour trading volume is likely to be an indication of the surge in buying activity.