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According to CoinGlass, the volume of derivatives trading on the popular meme-inspired Shiba Inu (SHIB) cryptocurrency has more than doubled in the past 24 hours.
In particular, the 1000SHIB perpetual futures contract has seen a 104% increase in turnover, reaching a value of $87.61 million. At the same time, there are other derivative options on the Shiba Inu token, such as SHIB, which saw an increase of 53.24% and reached a value of $37.41 million, or SHIB1000, which saw an increase of 96.44% and achieved a turnover of $20.87 million.
Thus, the total trading volume of Shiba Inu token derivatives reached $145.89 million over the past day.
Growth was also seen on the SHIB spot market, where the trading volume reached $145.5 million with growth of 57.49%. The total trading volume of the Shiba Inu token can be equated to $291.4 million, which brings the turnover to market cap ratio to 3.75% - a normal and not overheated level of trading activity.
Is big move brewing for Shiba Inu (SHIB) price?
Of course, volume without the context of price action does not provide a complete picture of the asset.
Speaking of SHIB's price performance, one can note the lower volatility with which the token has been quoted over the last three weeks, as the amplitude of its action did not exceed 2.3% during this period.
This also explains why the trading volume was so suppressed before today, as even after a 75% average increase on the derivatives and spot markets, its trading activity reached normal levels.