- The trading volume of the meme-inspired cryptocurrency Shiba Inu (SHIB) has surged recently, according to CoinMarketCap.
- In addition to the spot market, SHIB’s derivatives trading volume has seen notable increases as well.
- Such volatility and trading activity highlights the continuous interest and dynamic movements in the SHIB market.
Shiba Inu (SHIB) trading volume sees significant growth, exemplifying heightened market interest and activity.
Shiba Inu (SHIB) Trading Volume Surges Significantly
In recent analysis, data from CoinMarketCap reveals that the trading volume of Shiba Inu (SHIB) has experienced a notable increase of 24% over the past 24 hours, reaching an impressive $195 million. This figure is reflective solely of the spot market, showcasing a heightened interest among traders and investors in this meme-inspired cryptocurrency.
Derivatives Market Sees Even Greater Increase
Parallel to the rise in spot trading, SHIB’s perpetual futures trading volume has also surged by nearly 58.9%, according to CoinGlass, hitting $121.3 million over the same period. Combining both spot and derivatives trading, SHIB’s total volume reached approximately $398.83 million within a single day, reflecting a robust trading environment.
Volatility and Market Response
The increased trading volume coincides with significant price fluctuations in SHIB. Over the past 24 hours, its price has experienced a 2.3% rise, followed by a 3.43% fall, an additional rise, and another 3.6% decrease. These movements resulted in a price of $0.00001296, marking the lowest level in nine days. This roller-coaster trajectory underscores both the speculative nature of SHIB and the engaging yet risky environment it creates for traders.
Market Capitalization and Trading Volume Ratio
Despite the heightened trading volumes, the ratio of market capitalization to trading volume remains at 5.3%, indicating a balanced level of activity in relation to SHIB’s overall market standing. This ratio suggests that while there is significant trading, it is within a normal range, emphasizing that SHIB remains an actively traded asset without overleveraging.
Recent Developments Impacting SHIB
External factors, such as Shibarium and broader market trends, have played a role in shaping SHIB’s recent trading dynamics. For instance, Shibarium’s reported challenges and other market influences have contributed to the seesaw movements in SHIB’s price and trading volume.
Conclusion
In summary, the recent surge in trading volume and the accompanying volatility demonstrate the sustained interest and dynamic nature of Shiba Inu (SHIB). While the volatility can be exhilarating, it also embodies the inherent risks associated with investing in meme-based cryptocurrencies. Investors and traders should remain cautious and informed as they navigate this unpredictable market.
