As the crypto market started to fall earlier this month, the second largest meme coin, Shiba Inu (SHIB), registered consecutive losses for nearly a month recording price drops for the third consecutive week.
SHIB is down by another 2% in the past 24 hours and trading at $0.0000085 at the time of writing. The asset’s market cap is closing to the $5 billion mark from the local top to $6.3 billion in late April.
Despite the price drop, Shiba Inu’s 24-hour trading volume has risen tremendously over the past day. SHIB’s trading volume surged by 51% in the past 24 hours, reaching almost $81.9 million nearly $81 million belongs to centralized exchanges (CEXs).