Checking Shiba Inu’s market dynamics: Volume woes vs. Bitcoin’s boost

📆 23/07/2024 03:08 a. m.
📰 CryptoAmb

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Shiba Inu hits $0.0001, generating excitement amid BTC's bullish trend and community alerts on misinformation impacting SHIB's future market dynamics.

Despite high market activity, with a daily trading volume of $422,566,277, SHIB has underperformed relative to other meme coins, facing lower trading volumes and a stagnant market cap.Historically, Bitcoin’s performance has been a key driver of overall market sentiment. A strong Bitcoin trend often boosts the performance of other cryptocurrencies, including Shiba Inu.Meanwhile, Shiba Inu’s lead, Shytoshi Kusama, recently addressed misinformation regarding the upcoming TREAT token.

This warning echoed concerns raised by the Shiba Inu-focused X account, ShibArmy Scam Alerts, which cautioned SHIB holders about a fake TREAT token site being shared. Kusama’s alert aims to protect the community from potential scams and misinformation., a rise in selling pressure has historically led to price corrections. The token’s NVT ratio has increased, suggesting that SHIB might be overvalued, which could trigger a price correction.

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