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SHIB Shows 7.4 Million Percent Rise in Trading Volume, What's Happening?

Tue, 11/22/2022 - 14:07
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Tomiwabold Olajide
Five large transactions involving SHIB have been recorded in last 24 hours
SHIB Shows 7.4 Million Percent Rise in Trading Volume, What's Happening?
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Per CoinMarketCap data, Shiba Inu (SHIB) is demonstrating a 7.4 million percent jump in trading volumes.

The reason for the anomalous spike in trading volume might be due to a huge spike in the amount of SHIB transferred, running into trillions of SHIB in the last 24 hours.

Shiba Inu Trading Volume, Courtesy: CoinMarketCap

CoinMarketCap reports the SHIB volume on CEXes (centralized exchanges) as $13.71 trillion. On DEXes, it was more than $4.7 million.

While massive whale accumulation might have contributed to the huge amount transferred, another reason might be internal wallet reshuffling on crypto exchanges.

According to Etherscan, five large transactions involving SHIB have been recorded in the last 24 hours. Notably, transactions totaling 280 billion SHIB, 321 billion SHIB and 265 billion SHIB were seen on Etherscan.

Another 160 billion SHIB were moved between the internal wallets of another top exchange. In recent hours, another 75,166,377,249 billion SHIB were transferred, per Etherscan data.

At the time of publication, SHIB was down 2.9% at $0.0000084. Shiba Inu currently ranks as the 13th largest cryptocurrency with a market cap of $4.53 billion.

SHIB metaverse to be showcased at Global Summit

Marcie Jastrow, SHIB metaverse advisor, will represent SHIB at the upcoming Immerse Global Summit. It will be held at the Fontainebleau Hotel in Miami, Florida, from Dec. 5 to Dec. 7, 2022, according to the event's official Twitter account.

At the summit, the SHIB metaverse advisor will share information about the growth of SHIB: The Metaverse and the entire Shiba Inu ecosystem, alongside companies such as Meta, Microsoft, Web3Equity and TerraZero.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.