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According to CoinMarketCap data, Shiba Inu trading volume is up a whopping 110% in the last 24 hours as dog tokens receive attention.
The trading volume, which refers to the total number of units moved between buyers and sellers, might be an indication of investor strategy, although this is not guaranteed.
Thus, the increase in SHIB volume might be due to traders jumping into a volatile market to capture profits. Since touching lows of $0.0000079 on Dec. 28, SHIB has steadily climbed higher.
The dog-themed cryptocurrency has gone ahead to mark five positive days out of six, with the rise yielding intraday highs of $0.0000088 on Dec. 5. Although a slight retreat has occurred, SHIB remains up 3.15% at $0.0000084.
Contributing to the momentum spike, WhaleStats reports Shiba Inu token as one of the most purchased tokens by Ethereum whales — namely the 100 and 500 biggest whales tracked by WhaleStats.
Shiba Inu's governance token, BONE, is likewise receiving attention amid the most recent Shibarium updates provided by the official Shibarium Twitter handle.
At the time of publication, BONE was up 11.76% in the last 24 hours at $1.05, per CoinMarketCap data. BONE's trading volume in the last 24 hours likewise shot up by 105%, as traders jumped into the recent volatility to capture profits.
As reported, the Shiba Inu team reiterated that BONE is and will remain the only token required for gas fees and use when it comes to Shibarium.
Aside from the lineup of positive catalysts mentioned above, the SHIB burn rate is up 33.53%, as indicated by the Shibburn website. In the last 24 hours, a total of 113,660,903 SHIB tokens were burned, and seven transactions were made.
In the year 2022, a whopping 83,347,071,504 SHIB tokens were burned, and 6,395 transactions were made.