The Shiba Inu price saw an over 5% surge on Wednesday to kick off the new month of October in the green. This was not caused by any development that was unique to the meme coin, but rather by a rapid surge in the Bitcoin price, which took most of the crypto market along with it. Nevertheless, it was a welcome change after a dreary September that saw the Shiba Inu price fall below $0.000012. But as this recovery moves forward, we take a look at the volume and what the levels point to.
Volume Levels Show Shiba Inu Price Is Far From All-Time High
Using volume data from the Coinglass website, it gives a clear view of participation from crypto investors when it comes to the Shiba Inu and how the meme coin is performing relative to times of rapid price acceleration. At the current level, there is still a lot to be desired, especially as the Shiba Inu daily trading volumes remain quite low.
Data shows that the Shiba Inu daily volume was averaging at around $200 million back in September, and this was low compared to the previous months. It also coincides with the drop in participation and the bearish sentiment that plagued the market, especially toward the end of the month.
Despite starting out on a bullish note, the month of October has not seen much change either. Coinglass data shows just over $150 million in trading volume at the time of this writing, similar to CoinMarketCap’s $206 million, taking into account spot trading volume.
What This Means For The SHIB Price
With low volume, it suggests that the Shiba Inu price is not yet ready for a big rally. Looking at historical data, it shows that the times when the biggest rallies have happened for the meme coin were when there were large spikes in volume.
This was the case back in 2021 when the Shiba Inu price recorded its all-time high of $0.000088, and the trend has been evident at other times when there have been major rallies, such as back in March 2024 when the price rose from $0.000009 to $0.000023. Given this, there would need to be a large volume influx if the Shiba Inu price is to reclaim its all-time high again.
Nevertheless, there have also been some bullish developments for the meme coin, such as exchange balances dropping to their lowest levels since 2023. This suggests that investors are choosing to wait for better prices before they sell, thus reducing the selling pressure on the cryptocurrency.
Featured image from Dall.E, chart from TradingView.com
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