Dog-themed cryptocurrency Shiba Inu (SHIB) has recorded 2.38 trillion SHIB in transaction volume over the last 24 hours, according to IntoTheBlock data. This figure is a drop from 4.54 trillion SHIB recorded on March 31.
Drop in Shiba Inu Transaction Volume
SHIB's price has dropped nearly 3% in the last 24 hours, reflecting broader market weakness. Out of the 2.38 trillion SHIB reported in transaction volumes, 1.67 trillion SHIB accounted for large transactions, those greater than $100,000. Large transaction volumes usually suggest whale activity, which might be either accumulation or selling. In the last 24 hours, large transaction volume has also taken a hit, down 53.32% to $21.25 million.
Current Market Status for SHIB
At the time of writing, SHIB was down 2.82% in the last 24 hours to $0.00001236 and down 20% weekly. The market downturn seems to have weighed on SHIB's price action, with Shiba Inu holders awaiting clearer market signals, as active addresses have dropped by 32.84%.
Impact on Price and Market Recovery
After five days of dropping, SHIB rebounded on April 1 reaching highs of $0.00001314. However, these gains have reversed with the market trading in losses again. Crypto derivatives traders have experienced $270 million in liquidations in the last 24 hours, with leverage longs accounting for $161 million. A return above the daily moving averages of 50 and 200 at $0.0000137 and $0.0000191 would signal a bullish comeback, while support remains at $0.00001082.
Shiba Inu continues to face market pressures, and recovery might depend on maintaining support at key levels. As market conditions remain uncertain, SHIB holders are left waiting as active address activity declines.
