As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I have to say that the recent surge in derivatives trading volume for Shiba Inu (SHIB) is quite intriguing. With my fingers on the pulse of the crypto market, I’ve seen trends come and go, but this 104% increase in the 1000SHIB perpetual futures contract within a day is certainly something to take note of.
As reported by CoinGlass, trading volume for derivatives linked to the well-known meme-based Shiba Inu (SHIB) cryptocurrency has increased over twofold within the last 24 hours.
Specifically, the daily trading volume for the Shiba Inu 1000SHIB perpetual futures contract has surged by 104%, amounting to approximately $87.61 million. Meanwhile, other derivative products based on the Shiba Inu token, like SHIB and SHIB1000, have also experienced growth. For instance, SHIB experienced a rise of 53.24% and reached a value of $37.41 million. Similarly, SHIB1000 witnessed an increase of 96.44%, generating a turnover of $20.87 million.
Consequently, the Shiba Inu token derivative’s overall trading volume amounted to approximately $145.89 million within the last 24 hours.
On the SHIB exchange platform, there was observable growth accompanied by an increase in trading volume that peaked at approximately $145.5 million, representing a substantial rise of 57.49%. This equates to a total trading volume for the Shiba Inu token of around $291.4 million, resulting in a reasonable and balanced level of market turnover, with the trading activity accounting for about 3.75% of the market capitalization.
Is big move brewing for Shiba Inu (SHIB) price?
Of course, volume without the context of price action does not provide a complete picture of the asset.
Over the past three weeks, I’ve observed a decrease in the volatility of SHIB‘s price performance. The price fluctuations have remained relatively stable, with daily changes not surpassing 2.3%.
Additionally, this sheds light on the fact that the low trading volume observed prior to today was likely due to the market remaining at normal activity levels despite an average rise of 75% in both derivatives and spot markets.
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2024-09-16 18:50