Shiba Inu (SHIB) has been struggling with its latest decimal point since May while dropping to the 18th place after the US SEC brought a bear storm to the industry.
As the global crypto market cap registered a $22 billion rise over the past seven days, data shows a 3.9% gain for the SHIB price. However, the asset witnessed another downfall of 1.5% in the past 24 hours as the total meme coin’s market cap dropped.
Moreover, CoinMarketCap (CMC) data shows a 1.68% decline in the total market capitalization of meme coins, falling to $15.8 billion. The category’s trading volume is also down by 6.7%, currently at $816 million.
SHIB is trading at $0.0000076 at the time of writing with a $4.4 billion market cap. However, the asset’s 24-hour trading volume is up by almost 13%, reaching $129 million. It’s important to note that shiba inu is still up 4.7% over the past week.
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Moreover, data from the market intelligence platform Santiment shows that the meme coin’s on-chain activity has been consistently rising since mid-May. Per the data, more than 2,500 unique addresses have been constantly created over the past seven weeks.
😺 #ShibaInu has seen a big rise in new daily addresses created, consistently over 2,500 per day in the past couple weeks. Despite the underwhelming price performance, our latest insight covers why there’s promise behind one of 2021’s favorite #memecoins. https://t.co/Lzrpd3o06v pic.twitter.com/8jOt0weIyE
— Santiment (@santimentfeed) July 6, 2023
The market intelligence platform suggests that there still might be “promise” in SHIB as more investors hop in “despite the underwhelming price performance.”
Last month, a report revealed the exact price behavior for the largest meme coin by market cap, dogecoin (DOGE) — where the asset’s price fell despite a growing number of wallets.
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