Shiba Inu Trading Volume Increases by 352%, What Could be the Reason?

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Shiba Inu Trading Volume Increases by 352%, What Could be the Reason?

Last updated on May 18th, 2024 at 11:52 am

Popular memecoin Shiba Inu seems to benefit largely from the ongoing bullish rally as its trading volume has spiked about 352%. Thanks to the bull run, the trending memecoin joins the rest of the global crypto market in recording massive gains.

In an exciting development, today’s trading session saw Shiba Inu (SHIB) rise to a high of $0.00000964 according to CoinMarketCap data.

Since the end of November, Shiba Inu has been on a bullish trend. Consequently, its value surged by 10% today. However, at press time, SHIB has shed over half of its day gains and is now up by 4.76% over the last day.

Meanwhile, Shiba Inu is not the only coin enjoying the bullish momentum. The flagship cryptocurrency, Bitcoin reached a new yearly high of $42,000. Also, BONE, Shibarium gas token recorded a 6.55% increase in the last 24 hours, raising its value to $0.74 at the time of writing.

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Shiba Inu trading volume spikes

The increase in the value of SHIB comes with a spike in its daily trade volume. According to live data from CoinMarketCap, the trading volume of Shiba Inu rose by 352%.

As a result, about $663,700,914 worth of trade was recorded over the last 24 hours. This represents about 74.2 trillion SHIB tokens exchanged within the last 24 hours.

For context, trading volume is a metric used to evaluate the trading activities and interest in a particular cryptocurrency. This means that a high trading volume indicates a lot of trading (buying and selling) activity involving the crypto asset.

A sharp surge in trade volume as in the case of Shiba Inu often indicates that there is momentum behind the said asset. This momentum can be driven by several factors.

Shibarium transaction surges

One of the factors that can be attributed to the spike is an increase in transaction volume in Shubarium – Shiba Inu layer 2 blockchain solution.

Over the weekend, Shibarium saw a significant increase in transactions, adding more than 25 million transactions since the beginning of its surge on Thursday.

At press time, Shibarium’s total transaction has risen to 31,417,236 after adding about 7.84 million transactions in the last 24 hours. Furthermore, the total number of blocks created on the network is now 1,945,119.

Shibarium transaction surges

Source: Shibariumscan

In addition, the total wallet addresses on Shibarium are now 1,285,977 according to data from Shibariumscan.

Finally, data from Coinstats show that Shiba Inu (SHIB) is currently selling at $0.0000089 with a 24-hour trading volume of $722,372,505 ($722 million) and a live market cap of $5,256,509,383 ($5.2 billion) maintaining the #18 position on the global crypto market chart.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.