Looking at the chart above, Shiba Inu trading volume reached a monthly peak of 23.97 SHIB were traded on Jun 11. But curiously, while PEPE price rally to new all-time highs attracted investors attention, SHIB trading activity has been in a persistent decline since then.
The latest data shows that Shiba Inu trading volume has crashed by over 90%, as it recorded just a 2.37 trillion SHIB transacted on June 26.
A sharp and persistent decline in SHIB trading volume, which has coincided with PEPE price surge, suggests that investors may be choosing the latter over SHIB due to its perceived improved market sentiment over the past month.
SHIB Price Forecast: Imminent $0.000020 Retest
Based on the on-chain date analyze above, SHIB has struggled to generate demand since mid-June, leading to over 30% monthly timeframe losses. However, the Relative Strength Index (RSI) data shows that Shiba Inu price may now be on the verge a major rebound toward the $0.000020 level.
As seen below, SHIB RSI crossed above the critical 30.0 threshold from below to reach 31.84 at the time of writing on June 27. Notably it is also the first time that SHIB has exited oversold territories for the first time in 10-days, dating back to June 17.
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