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Shiba Inu (SHIB) Triggers 341% Volume Increase, Reason Behind It?

source-logo  u.today 04 December 2023 18:38, UTC

Dog-themed cryptocurrency Shiba Inu surged to highs of $0.00000964 in today's trading session.

Shiba Inu, which has been on a bullish run since November's close, rose even higher today, climbing 10%. At the time of writing, SHIB had surrendered some of its intraday gains and is now up 4.50% in the last 24 hours to $0.0000088.

Shiba Inu appears to be benefiting from the bullish market momentum, with Bitcoin reaching a new yearly high of $42,000. Shibarium's gas token, BONE, was up 6.55% in the last 24 hours to $0.746 at the time of writing, reflecting the SHIB price gains.

Shiba Inu's price jump in the last 24 hours is accompanied by a massive surge in trading volume. According to CoinMarketCap data, the 24-hour trading volume for SHIB was up 352%. This represented $663,700,914 worth of trade in the last 24 hours. In crypto worth, this represents 74.2 trillion SHIB swapped in the last 24 hours.

Trading volume is a key indicator of the interest in and activity around a specific crypto asset. High trading volume typically indicates a lot of buying or selling pressure for the crypto asset and may indicate trader positioning.

A sudden spike in volume, as seen with SHIB, often implies that there is considerable momentum behind the asset, which can be driven by various factors.

Over the weekend, Shiba Inu's Layer-2 Shibarium saw a massive surge in transactions, adding over 25 million transactions since it started rising last Thursday.

At the time of writing, Shibarium has hit 30,831,341 in total transactions after gaining 7.84 million transactions in the past day. The total blocks created by Shiba Inu Layer-2 Shibarium are now 1,942,754 at an average block time of 5.0 seconds. Wallet addresses have grown to 1,285,564, per Shibariumscan data.