Shiba Inu’s Coinbase Trading Volume Skyrockets 1,711%: Reasons

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Over the past day, there’s been a significant increase in trading activity for the canine-themed cryptocurrency, Shiba Inu (SHIB), on the Coinbase platform.

Based on Coinglass data, the volume of Shiba Inu (SHIB) trades on the Coinbase cryptocurrency exchange increased significantly by an astounding 1,711%, raising questions about what might be causing this sudden spike. Over the past 24 hours, the SHIB/USD pair on Coinbase generated approximately $13.12 million in trading volume, marking a 1,711% increase during this period.

Based on information from CoinMarketCap, the total trading volume for Shiba Inu increased to approximately $482 million over the past 24 hours.

A massive 1,711% increase in trading volume on Coinbase suggests a surge of fresh attention and action towards SHIB, as the Shiba Inu community prepares for major upgrades in 2025, with a focus on the upcoming TREAT token. As per an announcement from Treat X’s official account, we are now moving closer to January 14th.

It’s expected by the Shiba Inu community that these advancements could positively impact SHIB over time, possibly boosting interest and desire for the token.

SHIB price consolidates

In contrast to the significant increase in trading activity, the price of SHIB has remained fairly consistent around the $0.000024 level over the past 24 hours. The Shiba Inu token has seen a 1.46% rise within this period, reaching $0.0000241, and a 14% increase in value over the last week.

After increasing for four days since December 31 and reaching a peak of $0.0000249 on January 4, Shiba Inu (SHIB) experienced a pullback. However, during Monday’s trading session, SHIB began to recover, although it remains within a narrow trading band as it waits for its next significant movement.

Some experts speculate that consistent large trading amounts might lead to an increase in prices over time, especially if the overall market remains robust. However, whether or not this will happen is uncertain as of now.

Overcoming significant resistance points is essential for Shiba Inu’s price to ignite a new bullish trend. If the token successfully exceeds its daily Simple Moving Average (SMA) 50 at approximately $0.0000255 and then moves beyond $0.00003, it may trigger additional growth in Shiba Inu’s price value.

Instead, let me rephrase that for you: Immediate assistance is anticipated when the price reaches approximately $0.0000234, before significant support zones at $0.00002 and $0.0000188. These key support levels align with the daily Simple Moving Average 200.

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2025-01-07 13:47