As the cryptocurrency market began to plunge earlier this month, the second-largest meme currency, the shiba inu (SHIB), posted consecutive losses for nearly a month — marking a third consecutive week of price declines.
SHIB stock is down another 2% over the past 24 hours and is trading at $0.0000085 at the time of writing. The asset’s market cap is nearing the $5 billion mark from a domestic peak of $6.3 billion in late April.
Despite the price drop, the 24-hour shiba inu trading volume has skyrocketed over the past day. SHIB’s trading volume is up 51% over the past 24 hours, to nearly $81.9 million — roughly $81 million belonging to centralized exchanges (CEXs).
Moreover, SHIB holders have not burned many tokens over the past month. According to a tweet from Shibburn, only 50.7 million tokens — worth about $435 at the time of writing — have been sent to dead wallets in the past 24 hours.
The declines come as the total number of transactions on SHIB’s Layer 2 blockchain, according to crypto YouTuber Ajay Kashyap, has crossed the 10 million mark with over 921,000 blocks in total.
Moreover, the data provided by WhaleStats Offers The shiba inu remains the most traded asset among the top Ethereum whales as the global cryptocurrency market cap drops to the $1.1 trillion mark. According to the data, the top 100 SHIB whales still own an average of $26.85 million worth of tokens.
According to WhaleStats, the top 100 Shiba Inu whales haven’t moved since late April.