The Shiba Inu token fell about 7% in the last day while trading volume rose roughly 20%.
Shiba Inu, the meme cryptocurrency, moved lower along with much of the crypto market. After dropping by approximately 7% over the past 24 hours, trading volume increased by around 20%. It is not yet clear whether that volume spike represents sellers offloading coins at lower prices following Shiba Inu’s decline, or buyers opening long positions who saw an opportunity to acquire the token at a discount.
A more positive development was the token’s listing on Voyager, which may have contributed to higher trading activity. However, Coingecko data indicate that most of the project’s volume came from Binance, which accounted for about 35% of total trading volume.
Shiba Inu becomes most traded crypto on Voyager after listing! pic.twitter.com/0AXrhzKvLz
— Shibainu-Coins 💎 (@CoinShibainu) June 21, 2021
Where to buy Shiba Inu
What does “buying the dip” mean?
Traders looking to acquire cryptocurrency projects like Shiba Inu at the best possible prices often aim to “buy the dip.” This strategy lets them purchase tokens at lower prices, meaning their fiat investment buys more coins than it would at higher price levels.
The Shiba Inu token has dropped nearly 100% from its recent all-time high of $0.00003791 reached last month.