- There has been a significant increase in the trading volume of the SHIB crypto.
- The price has significantly dropped by 36% over the past year.
Shiba Inu (SHIB) is a meme-based cryptocurrency that runs on Ethereum. It was created by an anonymous person or group named Ryoshi in 2020. It has a large community and an ecosystem of three tokens, a decentralized exchange, NFTs, games, and a DAO.
The trading volume of the Shiba Inu crypto has increased by 61.9% in the last 24 hours along with an advance of 4.5% in the market cap. The market cap ranking of the crypto is #18, as per CoinMarketCap.
The traded volume ranking of the crypto is #59 and the value of the traded volume is $124.04 Million. Additionally, the resulting volume/market cap ratio is 1.72%.
The circulating supply of the Shiba Inu cryptocurrency is 589.29 Trillion SHIB while the total supply is also the same and it has an infinite max supply. Additionally, the fully diluted market cap is $5.44 Billion.
The crypto is built on the Ethereum platform and its supply inflation is high at 7.33%. The market cap dominance of the crypto is 0.32% and the volatility is medium.
Shiba Inu Crypto Derivatives Analysis
The derivatives trading volume of crypto has increased by 100.0% to $26.35 Million. Additionally, the open interest of the crypto has increased by 8.17%.
The SHIB crypto has witnessed a higher short liquidation of $11.81K, indicating the buyers’ presence while the long liquidation witnessed in the last 24 hours is $4.25K, as per Coinglass. The long/short ratio of the crypto is 1.9551.
SHIB Crypto Technical Analysis
The SHIB crypto price has formed a descending triangle pattern on the chart and furthermore, the price has broken above the pattern. After the breakout, the price has formed a strong swing high.
If the price of the crypto further breaks above the last swing high, a further increase in the price might be witnessed.
SHIB/USD Chart by TradingView
The 20-day and the 50-day EMAs are forming a bearish cross, while the price is sustaining above the 200-day EMA. Additionally, the price is trying to rebound above the other EMAs.
The MACD and the signal lines are situated below the zero level but have formed a bullish cross. Furthermore, the formation of bullish histograms can be seen on the chart. If the MACD line manages to break above the zero level, we might witness further increases in the price.
The RSI is trying to rebound and has recently broken above the 50 level. It has also broken above the 50-level, which shows a rise in momentum.
Summary
Shiba Inu is a meme-based cryptocurrency with a large community and a diverse ecosystem. It has seen a surge in its trading volume and market cap, as well as a breakout by the price above the descending triangle pattern. The technical indicators suggest a bullish trend and a potential for new highs.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.