Shiba Inu (SHIB) has experienced a sharp decline in investor confidence and market traction in recent months. Although over 604 billion SHIB tokens were traded in the last 24 hours, the asset’s trading volume remains below $1 trillion. This figure highlights its struggle to maintain market relevance. Once a highly popular meme coin, SHIB is now losing momentum, as its market performance continues to fall.

Sharp Drop in Significant Transactions

The data reveals that SHIB has not seen much notable activity recently. In the last 24 hours, only 42 significant transactions were recorded. This marks a steep decline compared to the 65 major transactions seen on September 12, 2024. The sharp reduction in large transactions further signals the waning interest in SHIB. 

Related article: Shiba Inu’s 2.1 Trillion SHIB Transfer: Are Whales Preparing for a Price Shift?

The drop in both transaction volume and large trades points to a mass exodus of investors. Market interest in SHIB appears to be declining steadily. Even with a high volume of transactions, the numbers have not met expectations. On September 17, 2024, SHIB reached a peak volume of 2.51 trillion tokens. 

_{Source: CoinMarketCap}

However, on the last day, just 64 billion SHIB tokens changed hands, suggesting that demand continues to weaken. The trading volume dropped to a seven-day low of 395 billion tokens on September 15, 2024. This is another clear sign of the asset’s fading momentum.

Hope Amid Decline

Despite the downturn, SHIB has shown some resilience. The price has managed to bounce back slightly from recent lows. 

Related article: Can Shiba Inu (SHIB) Skyrocket 10,000%? Analysts Predict Massive Gains

Currently, SHIB is trading at around $0.00001424, which is well below its previous highs. However, the price remains above key support levels, suggesting that there is still some interest in the token. 

Although SHIB has suffered from a notable drop in both large transactions and trading volume, it may stabilize in the coming weeks. The asset isn’t entirely out of the game yet.