Shiba Inu (SHIB) Rockets With Stunning 59% Volume Jump

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As a seasoned researcher with over two decades of experience in the financial markets, I must admit that watching the roller coaster ride of meme-inspired cryptocurrencies never fails to keep me on my toes. The Shiba Inu token, or SHIB, is no exception.

Over the last day, trading activity for the meme-based cryptocurrency Shiba Inu (SHIB) increased by 24%, according to CoinMarketCap, amounting to approximately $195 million. It’s important to note that this data reflects only trades on the spot market.

Over the last 24 hours, the trading volume for SHIB derivatives (specifically perpetual futures) has surged by about 58.9%, amounting to around $121.3 million. This suggests that the overall trading volume of Shiba Inu token during this period could be approximately $398.83 million. According to CoinGlass, these figures were observed.

A rise in trading activity suggests that market players are showing more interest. Yet, it’s worth noting that the market cap-to-trade volume ratio stands at 5.3%, which falls within the usual levels of market activity.

Shiba Inu takes traders on roller coaster ride

The volatile trading pattern resembling a roller coaster ride, typical of the trendy meme cryptocurrency Shiba Inu (SHIB), might have influenced its trading activity level. Over the past day, the price of SHIB saw an uptick by 2.3%, then dipped by 3.43%, followed by another rise and most recently, a decrease of 3.6%.

Due to the continuous ups and downs, the SHIB price dropped to $0.00001296 – its lowest point in nearly a week.

Shiba Inu (SHIB) Rockets With Stunning 59% Volume Jump

As a seasoned cryptocurrency investor with years of market experience under my belt, I must say that the return of volatility for Shiba Inu is both exhilarating and concerning. Having witnessed numerous market cycles, I can attest to the thrill of such price swings, but also the potential peril they bring.

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2024-08-16 20:10