Shiba Inu Trading Volume Surges 75%

The Shiba Inu (SHIB) token has seen a surge in trading activity over the past 24 hours. The volume of derivatives trading for SHIB has more than doubled, with the 1000SHIB perpetual futures contract experiencing a 104% increase in turnover, reaching $87.61 million. Other derivative options on the Shiba Inu token also saw significant increases.

SHIB saw a 53.24% rise to $37.41 million, and SHIB1000 surged 96.44% to $20.87 million. In total, the trading volume of Shiba Inu token derivatives reached $145.89 million over the past day. Growth was also observed in the SHIB spot market, where trading volume reached $145.5 million, reflecting a 57.49% increase.

This brought the total trading volume of the Shiba Inu token to $291.4 million, resulting in a turnover to market cap ratio of 3.75%, which is indicative of normal trading activity levels. However, volume alone does not provide a complete picture without context on price action.

Shiba Inu trading surge

Over the last three weeks, the Shiba Inu token has exhibited lower volatility, with price amplitude not exceeding 2.3%. This reduced volatility explains why trading volume was previously suppressed. Despite a 75% average increase in trading activity in both derivatives and spot markets, levels have only returned to what might be considered normal.

The recent spike in trading volume, both in derivatives and spot markets, indicates heightened interest in Shiba Inu (SHIB). However, the cryptocurrency’s lower volatility over the past few weeks suggests measured investor behavior. Investors and traders should remain cautious and perform their own research before making investment decisions in this unpredictable market.

The opinions expressed in this article are for informational purposes only and do not constitute investment advice. Every investment and trading decision involves risk, and readers should always conduct their own research prior to making any financial decisions.