The trading volume of popular meme-inspired cryptocurrency Shiba Inu (SHIB), as reported by CoinMarketCap, has seen a 24% increase over the past 24 hours, reaching $195 million. However, this figure only represents the spot market.
Meanwhile, according to CoinGlass, the volume of trading in SHIB derivatives - perpetual futures, to be exact - grew by nearly 58.9% over the past day, reaching $121.3 million. Thus, we can estimate that the total trading volume of the Shiba Inu token during this period was approximately $398.83 million.
Gamza KhanzadaevThe increase in trading volume indicates increased interest from market participants. However, the ratio of market capitalization to trading volume is currently 5.3%, which is within the normal range of activity.
Shiba Inu takes traders on roller coaster ride
The roller coaster trading of the popular meme cryptocurrency may have contributed to the increase in SHIB's trading volume. In 24 hours, the price of the Shiba Inu token increased by 2.3%, decreased by 3.43%, increased again and recently decreased by another 3.6%.
As a result of all these fluctuations, the price of SHIB reached $0.00001296, which is the lowest level in nine days.
Arman ShirinyanOn the one hand, volatility is back for Shiba Inu and the market is out of "boring" mode. On the other hand, as we can see, the recent fluctuations were not for good reasons. Thus, there are pros and cons for SHIB enthusiasts, but at least it is entertaining.
Tomiwabold Olajide
Arman Shirinyan