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Shiba Inu, in particular the SHIB/USD pair, has seen a 560% increase in spot trading volume on Kraken within a one-hour period.
The SHIB/USD pair on Kraken recorded $14,690 in hourly activity, marking a 560% increase in trading volume.
More often than not, a surge in volume might reflect traders' positioning, with the broader market largely trading in red in the early Saturday session.
Shiba Inu wasn't exempt from the drop, trading down 1.16% in the last 24 hours to $0.0000129 and down 10.84% weekly.
While Shiba Inu's hourly volume surged 560%, the same could not be said of its total spot trading volume across crypto exchanges. In the last 24 hours, Shiba Inu's total trading volume came in at $166.92 million, a 23.35% drop from the past day, according to CoinMarketCap data.
Hidden price signal?
Shiba Inu's funding rate has flipped positive, coinciding with the hourly volume surge on Kraken.
According to CoinGlass data, Shiba Inu's funding rate is in the green at 0.0018%. A positive funding rate in crypto derivatives indicates the perpetual futures contract price is trading above the underlying spot price, a sign of bullish market sentiment (as more traders believe the price might rise) and high leverage on long positions.
Shiba Inu saw a significant drop in Friday's session, plunging from $0.00001356 to $0.00001279, extending its fall from Sept. 18's high of $0.0000136.
Shiba Inu hit a low of $0.00001278 near the daily SMA 50 in Saturday's session, from where it rebounded as buyers purchased the dip. Its rebound stopped at $0.000013, with further buying pressure required from the crypto market to push its price higher.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team