Shiba Inu (SHIB) experienced some volatility in the crypto markets in the past 24 hours. The popular meme coin was down by about 6.4% at one point, but has since started to recover and is currently trading at a 3% gain compared to yesterday’s price. Despite the initial dip, SHIB seems to be bouncing back.
Data from CoinMarketCap shows that the trading volume for SHIB over the past 24 hours has seen a significant increase of 140%. This surge in trading activity suggests renewed interest and movement in the SHIB market. However, the burn rate for SHIB remains negative, with only 10 million SHIB being destroyed in the past day, according to Shibburn, marking a decline of 0.49%.
The meme coin sector as a whole has shown signs of recovery following the recent market turbulence. According to CoinGecko, the meme coin category is up 4.8% in the past 24 hours. Some notable winners in this sector include WIF, which is up 18.4%, BONK, up 15%, and FLOKI, up 12%. Despite this overall positive trend, SHIB appears to be lagging behind compared to other meme coins in terms of price performance.
In conclusion, Shiba Inu (SHIB) has experienced some ups and downs in the past 24 hours, much like the broader crypto market. Despite an initial drop, SHIB is showing signs of recovery and currently trading at a gain compared to yesterday’s price. The surge in trading volume for SHIB suggests renewed interest in the coin, although the burn rate remains negative. The meme coin sector as a whole has rebounded, with several coins seeing significant gains, while SHIB appears to be trailing behind its peers in terms of price performance. Investors in SHIB should continue to monitor market trends and developments to make informed decisions about their investments.