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Shiba Inu (SHIB) has seen a surge in trading over the past 24 hours, with turnover in perpetual futures on the popular meme token increasing by more than 146%. According to CoinGlass data, the trading volume of SHIB derivatives in a 24-hour period totaled more than $40 million, and that is just for SHIB1000 futures. If we take into account all derivatives on the Shiba Inu token, the turnover is more than $200 million.
In addition, 50% of the trading growth was recorded on SHIB spot markets. According to CoinMarketCap data, the turnover of the Shiba Inu token on spot markets in the last 24 hours amounted to more than $191 million.
Yuri MolchanInterestingly, the growth of Shiba Inu's trading volume has increased as the month of July approaches. The thing is, according to the historical trends presented by CryptoRank, July tends to be a positive month for SHIB.
For example, Shiba Inu's median ROI for the month is 5.3%, and for the past two years, SHIB has consistently closed the month with double-digit percentage gains.
Thus, this increase in trading volume and renewed attention on Shiba Inu can potentially be linked to the historically bullish trends observed in July. While it remains to be seen if these patterns will continue, SHIB's return to the spotlight aligns with its previous performance during this time of the year.
Arman ShirinyanOverall, the surge in trading volume highlights the ongoing interest and speculation surrounding Shiba Inu, especially as market participants look to capitalize on its historical trends. The coming weeks will reveal if SHIB can sustain this momentum and deliver the anticipated gains.
Alex Dovbnya
Yuri Molchan
Vladislav Sopov
Dan Burgin