Shibarium's Daily Trading Volume Drops 99% to $21,000

Shibarium, the Layer-2 blockchain of Shiba Inu, has experienced a significant decline in its daily trading volume, dropping to a mere $21,000. This figure is notably lower compared to its competitors, Base and Polygon, which have recorded daily trading volumes of $742 million and $68.8 million, respectively. This stark contrast raises concerns about the level of interest and activity within the Shibarium ecosystem.

Despite the sluggish trading volume, the price of Shiba Inu (SHIB) has shown resilience, currently trading at approximately $0.00001196. This price point reflects a slight increase over the past 24 hours, indicating that the token may be forming a falling wedge breakout on the 1-day chart. This pattern suggests a potential bullish move, with the price aiming to break through the 100-day moving average. The Relative Strength Index (RSI) stands at 57, signaling steady upward momentum without reaching overbought conditions.

SHIB is currently testing a key resistance level at $0.0000122. If the token successfully breaks above this level with strong volume, it could potentially rise to $0.000025. However, if SHIB fails to overcome this resistance, it may drop back to a support level at $0.0000165. This price action highlights the delicate balance between bullish and bearish sentiments in the market.

The decline in Shibarium’s trading volume, coupled with the strong performance of its competitors, suggests that traders may be shifting their focus to other blockchain platforms. This trend could put pressure on SHIB’s price if the lack of interest in Shibarium persists. However, the current price action and technical indicators provide a glimmer of hope for a potential breakout, which could drive the token’s value higher in the near future.