u.today
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.