Shiba Inu briefly remains in the green, surging nearly 5% over the past week. SHIB’s surge outperformed the broader GMCI 30 index, which is up 2.80% in the same timeframe. Recent data from CoinGecko indicates that SHIB’s trading volume has spiked by 22.50% in the last 24 hours. The rise in market activity highlights that the dog-themed token’s volume has a chance of surging.
Is Shiba Inu Back in the Game?
No, Shiba Inu has experienced several spikes in trading volume in a year, making its price surge in the charts. The rise in trading volume did not convert into a rally but made SHIB head south in a week due to a lack of new buyers. The same could be expected as the dog-themed token’s new and first-time investors remain stagnant at 1.5 million holders, according to data from Etherscan.
So, a quick turnaround from here seems like a herculean task, but another spike in trading volume remains achievable. This puts traders in a sticky situation, whether to wait for the spouts to make a profit or ignore Shiba Inu entirely. The sudden bounce in numbers is only for the short term, but the window of opportunity to sell for a profit is narrow.
Also Read: Will Shiba Inu (SHIB) Go Back “Up” Anytime Soon?
For instance, a 5% rise comes unexpectedly, but the size of profit remains at the entry position. Also, the position to pull out comes at the cost of exchange fees and other taxes. Therefore, the profits would dwindle further, leaving only minuscule amounts of money to take home. In all instances, Shiba Inu investors will have to be on their toes to even make that minuscule amount.
Other leading altcoins like Solana (SOL) and Binance Coin (BNB) could generate more profits than Shiba Inu. The focus on meme currencies is at its lowest point, with nobody interested in taking an entry position. This makes buying SHIB a risky affair, as the chances of investors losing their money are higher than earning profits.
