Trading activity in Shiba Inu has increased by 42.60% from one day ago, signaling a recent rise in market activity, according to the latest data from Coingecko. The surge in buying and selling made SHIB go from $0.0000059 to $0.0000061 in a day’s time. Overall, the dog-themed token has seen a spike of nearly 5% in a week.
The surge in trading activity follows a prolonged period of stagnation. Traders had given up all hope on the dog-themed meme currency due to its lackluster performance. The surge in trading activity gives SHIB fresh hopes of a rebound in value. Shiba Inu now needs another round of robust trading activity for prices to surge.
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What Next For Shiba Inu?
The spike in trading activity could be a one-off occurrence, and there’s slim chances of it surging moving forward. The broader cryptocurrency market’s confidence in Shiba Inu is low, as the hype for meme currencies is diminishing. Traders are looking for utility and real-world use cases instead of chasing meme coins.
Therefore, the pressure now remains on the Shiba Inu team to make the token gain use cases in the financial sector. Though the team launched a string of releases, none of them have solved any problems plaguing the monetary system. This adds to more strain on SHIB’s prospects as the token is unable to catch up with the real world.
Investing in Shiba Inu has now become like a lottery system. It’s sheer luck when it surges and bad luck when the prices fall. There is no in between, and this has put off the majority of investors. The same money can be invested in several other cryptocurrencies that can generate profits. Investing in SHIB has become a sure shot way to lose money as the dog-themed token is unable to survive without its hype and buzz.
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