$1.46 Billion SHIB in 24 Hours: Here's What Is Happening

Shiba Inu ($SHIB) has seen a massive surge in trading activity this week, with its trading volume in the last 24 hours hitting an impressive $1.46 billion, equivalent to 74 trillion $SHIB, according to data from CoinMarketCap.

$SHIB's price has skyrocketed this week, attracting traders looking to capitalize on potential short-term gains. Increased price volatility typically draws higher trading volumes as investors look to profit from market swings.

As reported, Shiba Inu is riding a wave of renewed interest from the market, pushing its volumes higher.

In a tweet this week, Santiment stated that Shiba Inu's on-chain activity had increased dramatically as its price skyrocketed in comparison to altcoin alternatives and other meme coins. In addition to volume, circulation and whale transactions reaching 10-week highs, social dominance has also increased.

In a recent tweet, Santiment stated that altcoin euphoria persists with a few large caps seeing major rises in discussion rates. Shiba Inu is one of the top hot projects driving markets, with discussions about $SHIB and related projects like Shibarium skyrocketing, adding to the recent price increase.

What's next for Shiba Inu price?

Shiba Inu gained momentum after crossing above the $0.000016 barrier Sept. 26.

Shiba Inu extended its upward trend, breaking above the daily SMA 200 at $0.00002024 Sept. 27. Shiba Inu breached the $0.000021 price threshold for the first time since mid-June during Friday's trading session, reaching highs of $0.00002169. Bulls' attempt to extend Shiba Inu's four-day rally in Saturday's session was met with resistance, with prices reaching highs of $0.00002146.

If bulls can sustain a breach above $0.000020, Shiba Inu's rally could continue to $0.000029.

At the time of writing, $SHIB had increased by 1.20% in the last 24 hours to $0.00001973 and was up 36% weekly.

On the other hand, if the $SHIB price falls from its current level, it may indicate profit-taking. A break below $0.000018 indicates a few days of range-bound trading between $0.000014 and $0.000020.