As the market continues to decline, the dog-themed cryptocurrency Shiba Inu is maintaining a high transaction volume.
As the market moves into its second day of selling, the overall market capitalization for cryptocurrencies has decreased by about 1% to $1.07 trillion. Shiba Inu is experiencing losses as a result of profit-taking, like the bulk of crypto assets.
The bears’ assault caused Shiba Inu to drop below the $0.000007 mark, reaching a low of $0.00000673 on October 8. SHIB was down 0.88% in the previous day at the time of writing, reaching $0.00000688.
In spite of the price decline for SHIB, on-chain data indicates something intriguing for the network.
Shiba Inu has seen 4.48 trillion SHIB in transaction activity over the previous 24 hours, according to IntoTheBlock statistics. The Transactions amount indicator calculates the total amount of cryptographic transactions that were recorded on-chain.
The quantity of transactions might also be a sign of trade or nonspeculative activity. Transaction volume, like trading activity on exchanges, can be useful for identifying reversals and breakouts.
Shiba Inu had a significant transaction volume increase before to the October 8 sell-off, according to IntoTheBlock statistics, which showed a jump from 1.76 trillion SHIB on October 7 to a stunning 4.69 trillion SHIB on October 8. This spike can be a symptom of panicked selling by holders as well as huge investors purchasing in the face of unpredictability.
Shiba Inu maintained this pattern on October 9, with a robust transaction volume of 4.48 trillion SHIB. Where SHIB will trend next is still unknown given the current state of the market.
Strong transaction volume is typically a sign of a changing pricing trend. If so, Shiba Inu could be succumbing to bottoming or surrender. Before making another move, though, bulls could need to consolidate in order to build strength.
