In recent months, investor confidence and market traction for Shiba Inu have significantly declined. Even though the asset has transacted over 604 billion SHIB in the past day, its trading volume is still below $1 trillion, underscoring its difficulty in staying on the market. It appears that the once-popular meme coin is losing traction, as evidenced by the ongoing decline in SHIB's market performance.

According to the data supplied, SHIB is not seeing a lot of significant activity. Just 42 significant transactions have occurred over the last 24 hours, a sharp decline in the quantity of large transactions. The 65 transactions that were registered on Sept. 12, 2024, just a few days ago, represent a sharp decrease. 

SHIB/USDT Chart by TradingView

A discernible exodus of investors is indicated by the declining volume of transactions and low trading volume, indicating a decline in market interest in SHIB. The high volume of transactions has also not lived up to expectations. This past week, Sept. 17, 2024, saw SHIB reach its highest volume of 2.51 trillion tokens.

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Sixty-four billion SHIB were traded in the last day, however, which may indicate that demand is still declining. Another glaring indicator that market momentum has waned is the Sept. 15, 2024, seven-day low of just 395 billion SHIB traded. Despite this bleak prognosis, SHIB has demonstrated some resiliency.

The price has somewhat recovered from its recent lows, providing some hope, and the asset is still breaking through minor resistance levels. Though it is far from its previous highs, SHIB is currently trading near $0.00001413, indicating that there is still some market interest.

The price is still above important support levels, suggesting that SHIB may not be fully down and out. Although Shiba Inu has undoubtedly experienced a decline, with both large transactions and trading volume suffering notable losses, there is a chance that the asset will level off.