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Dog-themed cryptocurrency Shiba Inu (SHIB) has experienced a significant surge in trading volumes, skyrocketing by 203% as the cryptocurrency makes a massive price breakout.
According to CoinMarketCap data, Shiba Inu saw a staggering 203% surge in trading volumes as its price experienced a major breakout. This surge comes after a period of consolidation, catching the attention of traders and market analysts alike.
In the last 24 hours, Shiba Inu's trading volume amounted to $665,513,196 or 38.95 trillion SHIB, representing a 203% surge.
The Shiba Inu price is outperforming in the same time frame, up 13.69% in the last 24 hours to $0.00001699, extending its surge over the past two days.
The breakout sent SHIB's price sharply higher, with a wave of buying pressure driving up demand on major exchanges. The increased trading activity hints at renewed interest in the token, which had seen relatively quieter periods over the past few months.
Shiba Inu outperforms with massive 13% surge
Save for Worldcoin (WLD), which is up 15.21%, Shiba Inu is outperforming the top 100 cryptocurrencies in daily gains, which were mostly posting gains between 1% and 13%.
A combination of factors might be fueling the rally, including positive sentiment around upcoming developments in the Shiba Inu ecosystem, a technical breakout as well as broader optimism on the cryptocurrency market.
Risk assets, including pure fiat liquidity plays, such as Bitcoin (BTC) and altcoins, have surged since the Fed announced a rate cut in the past week. Shiba Inu likewise saw a breakout, climbing above the daily SMA 50.
After establishing a footing above the daily SMA 50 at $0.00001391, which has held back its price since April, SHIB started rising, climbing for three days in a row to reach highs of $0.00001709 in today's trading session.
According to on-chain data from IntoTheBlock, Shiba Inu's rally faces a significant barrier near its current trading price up to $0.000019, where 440.85 trillion SHIB are held by 86,850 addresses.