As a researcher with experience in the crypto market, I’ve observed the recent surge in Shiba Inu’s daily trading volume with great interest. The 40% increase in just 24 hours is indeed noteworthy and has piqued the interest of many investors.
In the past 24 hours, there’s been a substantial surge in daily trading volume for Shiba Inu, igniting great interest among investors. What’s causing this upswing?
What Is Driving The Shiba Inu 40% Volume Growth?
Based on information from Coinmarketcap, the Shiba Inu cryptocurrency has experienced a significant increase in daily trading volume by around 40% within the past day. This substantial surge has propelled its volume to exceed $600 million in a 24-hour period as of now. The primary cause for this upswing can be attributed to Binance, the crypto exchange, whose Japanese division recently unveiled several desired trading pairs.
As a researcher investigating recent developments in the cryptocurrency market, I came across an exciting announcement on the Binance exchange’s website. They revealed plans to introduce new spot trading pairs for several digital currencies. Among these new additions were Cardano (ADA), Solana (SOL), XRP, and Shiba Inu (SHIB).
The exchange regularly introduces new currency pairings, but the addition of Japanese Yen (JPY) pairs for popular cryptocurrencies was particularly significant. After trade commenced on Tuesday, April 30, there was a noticeable surge in daily trading volumes for these digital assets.
During this period, the trading volume for Shiba Inu has surged by 40% due to heightened interest from Japanese investors. Similarly, XRP/JPY and ADA/JPY pairs experienced a 9% boost in their daily trading volumes. Mirroring this trend, Solana recorded an impressive over 40% increase in its daily trading volume as well.
Why Is SHIB Price Still Down?
As a researcher studying the cryptocurrency market, I’ve observed that Shiba Inu’s price took a hit early Tuesday morning, dipping back towards the $0.000023 support level. This downturn comes despite the bullish momentum seen in its Binance trading pairs. This disparity between the two trends raises questions about potential external factors influencing Shiba Inu’s price action.
From an analyst’s perspective, I have observed a 1.37% decrease in the price of Bitcoin, which has dipped below the $63,000 mark once more. Given its status as the market leader, this downward trend has triggered a ripple effect, causing other cryptocurrencies to follow suit. A significant contributing factor to this decline is the subpar trading performance of Spot Bitcoin and Ethereum ETFs in Hong Kong, falling short of anticipated market activity.
Based on current circumstances, it’s clear that the SHIB price is merely mirroring the broader market trend and isn’t being negatively influenced by its own bearish factors. Consequently, if Bitcoin recovers, it’s reasonable to expect a full market rebound, with Shiba Inu tagging along. Nevertheless, the meme coin encounters significant resistance from bears at $0.000024, making a recovery a challenging prospect.
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2024-04-30 23:11