Shiba Inu (SHIB) has recorded a 24-hour transaction volume of 2.38 trillion SHIB, according to data from IntoTheBlock. While this number might seem impressive, it marks a significant drop from the 4.54 trillion SHIB recorded on March 31.
Price and Market Trends
Currently Shiba Inu price trading at $0.00001254 as per Coinpedia Market data.
SHIB's price has declined nearly 3% in the last 24 hours, reflecting overall market weakness. Among the 2.38 trillion SHIB transacted, 1.67 trillion SHIB came from large transactions—those exceeding $100,000. Large transaction volume, which often indicates whale activity, has also dropped 53.32% to $21.25 million.
At the time of writing, SHIB was trading at $0.00001236, down 2.82% in the last 24 hours and nearly 20% over the past week. The recent downturn in the broader market has impacted SHIB’s price movement, keeping it under pressure despite significant on-chain activity. Additionally, Shiba Inu’s active addresses have declined by 32.84% in the last 24 hours, indicating a lack of participation from retail traders.
SHIB's Struggle Amid Market Weakness
After five consecutive days of losses, SHIB briefly rebounded on April 1, reaching $0.00001314. However, gains were short-lived as the broader crypto market faced renewed selling pressure. Bitcoin and other major cryptocurrencies also saw declines, contributing to a bearish sentiment.
In the past 24 hours, crypto derivatives traders have faced $270 million in liquidations, with long positions accounting for $161 million. This selling pressure has dragged SHIB down to lows of $0.0000121 before recovering slightly.
Key Support and Resistance Levels
A bullish recovery for SHIB would require it to break above the 50-day and 200-day moving averages at $0.0000137 and $0.0000191, respectively. However, if the current downward trend continues, the next key support level stands at $0.00001082.
As Shiba Inu holders wait for clearer market direction, the coming days will determine whether SHIB can regain momentum or continue its decline.
