Shiba Inu (SHIB) is full of surprises. The latest price rally for the top dog meme coin is impressive as the coin is able to exhibit the lowest daily volatility in the entire history of crypto trading.
At the time of writing, SHIB is up 2.66% or $0.00001217.
According to the daily chart, SHIB has been racing in a straight line for the past few days. In fact, the price of the dog meme coin has been unchanged for a week, which is especially odd for a volatile asset like SHIB.
Shiba Inu on the flat line?
Not sure why Shiba Inu has been showing flat or sluggish performance – but there has been some talk from investors and traders that SHIB’s volatility issues appear to be due to a drop in the token burn rate, said Shiba Inu previously Projects such as Shibarium Multiverse push this forward.
On June 21, SHIB penetrated a descending channel as it rolled down, which could signal a coin reversal. However, the difference in trade inflows and volumes pushed SHIB back to $0.00001.
Shibaswap outperforms BAYC and OpenSea
Shiba Inu is not just another meme coin you’ve heard of as it works to grow and expand the network. The launch of Shibaswap and its continued push as a top Ethereum dApp in terms of social signals solidifies Shiba Inu’s position in the crypto space. Daily trading volume on Shibaswap averaged $10.8 million.
This is an extraordinary performance from a DEX that was able to surpass Bored Ape Yacht Club and OpenSea. It is worth noting that there is also an exchange withdrawal, which is quite normal, especially at discounted levels. Currently, SHIB is trading at a significant discount compared to its ATH.
More importantly, Shibaswap had a huge impact on SHIB’s performance. However, its influence is less powerful than other economic or market forces that can cause its incredible price movements or behavior. The Shibaswap ecosystem is expected to grow, which may influence more people to stake SHIB, but one can only wait and see.
In other news, while SHIB is no longer part of the top cryptocurrencies based on market cap, meme coins are still favored by the crypto space. Shiba Inu is planning to develop reward tokens, stablecoins built for its ecosystem, and collectible cards for Metaverse.
SHIB total market cap at $384 billion on the weekend chart | Source: TradingView.com Featured image from Slate.com, chart from TradingView.com