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Following
SHIB The daily trading volume of Shibarium, a second-tier network, soared 74%, while the price of SHIB continues to decline.
Although other parts of the Shibarium ecosystem performed lackluster, the daily trading volume of Shibarium, its second-tier network, has increased significantly. According to Shibarium Scan data, daily transaction volume jumped from 661 on July 21 to 1151 on July 22, a 74% surge in just 24 hours.
Shibarium bucked the trend in silent markets
As Shibarium trading volume climbs, the broader Shiba Inu ecosystem remains relatively inactive. This increase is particularly prominent because SHIB prices have recently struggled to find upward momentum during trading hours. At the same time, the entire cryptocurrency market continues to be in a consolidation phase, with many currencies, including SHIB, falling. The latest data shows that SHIB has fallen 1.54% to $0.00004166 in the past 24 hours. SHIB's weekly increase has narrowed to only 0.51%, compared with a cumulative decline of 23% since July, and it closed at the end of the month every week.
Price pressures and sluggish market activity
SHIB's recent price performance highlights the gradual fading of weekly gains. After failing to break through the resistance level of US$0.000043, Shiba Inu seems to enter a sideways consolidation stage, with neither clear upward signals nor obvious downward pressure in the short term. Cryptocurrency analysis platform Sanitation pointed out in a recent report that since July 2024, the trading volume of mainstream cryptocurrencies has continued to decline and has now dropped to the lowest average level in nearly two years.
Sanitation is a blockchain analytics platform that provides insights through on-chain data, social media and development data to help cryptocurrency traders and investors evaluate market trends and behaviors. The platform attributed the slowdown to declining enthusiasm among traders, continuing macroeconomic challenges, reduced risk appetite, and weakening investor confidence in a rebound in the altcoins following a recent wave of selling.
Sanitation said that the trading volume of mainstream cryptocurrencies has dropped to the lowest level in two years, spot demand has decreased, and traders 'willingness to rotate funds into altcoins has also been significantly reduced.
Impact of low trading volume on future price movements
Sand's analysis points out that a long-term decline in trading volume may affect market behavior in two ways. First, insufficient demand can make price rebounds easy to reverse quickly. Second, weaker liquidity could also provide a smoother path to the upside if sellers leave and spot buying returns. As risk sentiment remains weak and there are few traders chasing altcoins, there is currently a lack of market sentiment or trading energy to push for a change in direction. Analysts have observed that in such market conditions, even a small increase in buying could help prices recover relatively quickly because of the scarcity of liquidity.
Data summary
Date: July 21, Shibarium daily trading volume: 661 transactions, SHIB price: US$0.00004166
Date: July 22, Shibarium daily trading volume: 1151 transactions, SHIB price: US$0.000004166
Currently, although the price trend of SHIB has not shown any signs of immediate recovery, Shiba Inu's key secondary network remains active. The market is watching closely to see whether renewed interest in the network will translate into a stronger trend for flagship tokens.
