Shiba Inu Down More Than 5% Within 24 hours
Portfolio Pulse from Benzinga Insights
Shiba Inu (CRYPTO: SHIB) has seen a price drop of 5.04% in the last 24 hours, despite a 2.0% increase over the past week. The volatility is highlighted by the Bollinger Bands in the provided chart. Trading volume has decreased by 8.0%, and the circulating supply has slightly decreased to 589.29 trillion. SHIB's market cap is currently ranked #18, valued at $6.10 billion.
December 26, 2023 | 7:02 pm
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NEGATIVE IMPACT
Shiba Inu (SHIB) has experienced a significant price decrease of 5.04% in the past 24 hours, with a decrease in trading volume and a slight reduction in circulating supply.
The price drop of over 5% in a single day is a substantial short-term movement for any asset, indicating a bearish sentiment among investors. The decrease in trading volume suggests lower market activity, which could further impact the price negatively in the short term. The slight decrease in circulating supply typically would have a positive effect on price due to scarcity, but it seems to be overshadowed by the negative sentiment driving the price down.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100