Shiba Inu has seen a price decline of 7% in the last day while volume has seen a boost of around 20%.
Shiba Inu, the meme cryptocurrency, has seen a decline along with most of the crypto market. After dipping by around 7% in the last 24 hours, there was an increase in trading volume of around 20%. It is unclear whether this increase is traders selling their coins as the price of Shiba Inu dumps, or if these are long orders as other traders see an opportunity to buy Shiba Inu at a cheaper price.
In more bullish news, the coin received a listing on Voyager, which may have led to the increase in trading volume – however according to data on Coingecko, the majority of the project’s volume has come from Binance, which accounted for 35% of the total trading volume.
Shiba Inu becomes most traded crypto on Voyager after listing! pic.twitter.com/0AXrhzKvLz
— Shibainu-Coins 💎 (@CoinShibainu) June 21, 2021
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What does buy the dip mean?
In order to buy cryptocurrency projects such as Shiba Inu at the best possible prices, traders opt to “buy the dip” which allows them to buy up coins at cheaper prices, meaning their fiat cash investment will reward them with more coins than if they choose to buy at higher prices.
Shiba Inu has declined almost 100% from its all time high at $0.00003791 since last month.