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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.
Tomiwabold OlajideAs 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.
Godfrey Benjamin
Vladislav Sopov
Dan Burgin
U.Today Editorial Team