Shiba Inu Rockets 109% in Volume as Market Faces $749 Million Wipeout

According to CoinMarketCap, Shiba Inu has increased 109% in volume over the last 24 hours, even as the broader market faces a wipeout of $749 million in crypto liquidations. Shiba Inu's trading volume came in at $334 million, marking a 109% increase in the last 24 hours.

Bitcoin saw a sudden drop, extending its sell-off near $111,000 after a whale sold 24,000 BTC, resulting in significant market liquidations. Bitcoin's sell-off pulled other cryptocurrencies lower, reversing earlier gains from Fed Chair Powell's unexpected dovish speech.

Shiba Inu likewise fell, down 3.85% in the last 24 hours to $0.00001244, and has reversed weekly gains, down 0.88% in the last seven days. Shiba Inu is entering its third day of dropping since Aug. 22 surge, reaching an intraday low of $0.00001235 in the early Monday session.

Despite Fed Chairman Jerome Powell's speech at the annual Jackson Hole symposium in Wyoming on Friday, indicating the possibility of rate cuts, traders remain cautious, highlighting bearish sentiment.

On Friday, the markets are anticipating the release of July’s core personal consumption expenditures this week.

Shiba Inu news

Toward the weekend, Shiba Inu developer Kaal Dhairya issued a recent update on LEASH migration and development.

Five years ago, the original LEASH developer left behind a hidden rebase path that caused a recent supply glitch for the Shiba Inu ecosystem. The current Shiba Inu team has proposed a solution with an anticipated migration to LEASH v2, a fully audited fixed supply design with no minting risks.

Migration to LEASH v2 is anticipated to be fair through burn to claim, and an external auditor has already been contacted. Exchanges are also in negotiations to support the swap, with a public testnet and bug bounty planned before launch.