Why Has Shiba Inu Been Trending Down This Week?
It went up more than 1,000,000% in a matter of months. But this past week was a different story for popular cryptocurrency Shiba Inu (CRYPTO: SHIB). The dog-themed tokens have fallen 16% since last Friday, as of this writing. The drop resulted from sharply declining trading volume in recent days.
In October, trading volume for Shiba Inu spiked to over $40 billion per day, according to CoinMarketCap.com. That is quite a lot for a cryptocurrency with a market capitalization of around $50 billion at the time. That has tapered off significantly in recent days, with a 24-hour trading volume of $4.0 billion as of this writing.
Image source: Getty Images.
Source Fool.com
