SHIB
As a meme coin, Shiba Inu Coin has indeed experienced a significant drop in trading activity recently
Over the past month, Shiba Inu Coin's trading volume has dropped sharply by nearly 97%.
This drop has put a spotlight on the current state of Shiba Inu Coin and the impact it may have on SHIB's price.
Despite these challenges, Shiba Inu Coin has still seen a total of more than 400 million transactions since its launch in August last year, showing a slow but steady year-on-year increase in trading volume. Shiba Inu Coin's trading peaked on April 17, with daily trading volume reaching more than 560,000 on that day.
This number has now dropped significantly to just 11 transactions. Despite the slowdown in trading, SHIB's price is still up 10% over the past month and has also seen a slight increase of 2.44% over the past seven days.
Based on some technical indicators, the current market sentiment on Shiba Inu Coin is mainly bullish, with 83% giving it a bullish rating.
In addition, an index that measures market sentiment - the Fear and Greed Index - scored 73, which is classified as "greedy", indicating that most investors still believe that now is a good time to buy.
So, how is SHIB doing now? According to the data, its trading volume fell by 19.24%, while open interest (i.e. the number of trades that have not yet been closed) also fell slightly by 1.58%.
