Shiba Inu: Shibarium’s Daily Volume Crashes to Just $21K as Rivals Polygon & Base Soar!

The post Shiba Inu: Shibarium’s Daily Volume Crashes to Just $21K as Rivals Polygon & Base Soar! appeared first on Coinpedia Fintech News

With the growing competition in the blockchain ecosystem, Shiba Inu’s Layer-2 blockchain, Shibarium, is struggling to keep up with its competitors as its daily trading volume plunges to only $21,000, far behind rivals like Polygon and Base. 

This raises concerns for Shiba Inu investors as traders seem to be shifting their focus elsewhere. Could this declining interest in Shibarium put pressure on SHIB’s price?

Shibarium’s Trading Volume Drops to $21K 

Since Shibarium’s launch on the mainnet, it has processed over 1.04 billion transactions and attracted nearly 200 million wallets. Despite such a large user base, its trading activity tells a different story. 

According to the data from DexScreener, Shibarium’s total daily trading volume across all decentralized exchanges (DEXs) is just $21,000. In comparison, Base recorded a massive $742 million in daily trading volume, while Polygon saw $68.8 million.

Among Shibarium’s DEXs, WoofSwap leads with a daily volume of only $9,500, followed by ShibaSwap at $5,700. Other platforms, like ChewySwap and MarSwap, barely cross $2,000, while some exchanges report less than $10 in daily activity.

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SHIB Price Analysis

Despite Shibarium’s sluggish trading volume, the Shiba Inu price is showing some strong resistance. As of now, Shib is trading at around $0.00001196, reflecting a slight rise in the past 24 hours. 

Some experts suggest that the token is forming a falling wedge breakout on the 1-day chart, indicating a potential bullish move. The price is aiming to break the 100-day moving average, with RSI at 57 signaling steady upward momentum without reaching overbought conditions.

Shib is currently testing a key resistance level at $0.0000122. If it breaks above this level with strong volume, the price could rise to $0.000025. 

On the other hand, if SHIB fails to break through, it could drop back to a support level at $0.0000165.