According to U.Today, the trading volume of the meme-inspired cryptocurrency Shiba Inu (SHIB) has experienced a significant increase. CoinMarketCap reports that SHIB's spot market trading volume rose by 24% over the past 24 hours, reaching $195 million. Additionally, CoinGlass data shows that SHIB derivatives, specifically perpetual futures, saw a 58.9% increase in trading volume, amounting to $121.3 million. This brings the total trading volume of Shiba Inu to approximately $398.83 million during this period.
The surge in trading volume suggests heightened interest from market participants. Despite this, the ratio of market capitalization to trading volume remains at 5.3%, which is considered normal. The trading activity of Shiba Inu has been notably volatile, contributing to the increased volume. Over the past 24 hours, SHIB's price has seen multiple fluctuations: a 2.3% increase, a 3.43% decrease, another increase, and a recent 3.6% drop. These movements have brought the price of SHIB to $0.00001296, its lowest level in nine days.
The return of volatility to Shiba Inu's market has both positive and negative implications for traders. While the increased activity moves the market out of a stagnant phase, the recent price fluctuations have not been favorable. This dynamic presents a mixed scenario for SHIB enthusiasts, offering both challenges and entertainment.
