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Shiba Inu Trading Volumes Add 114% in Day as Millions Enter Market Cap

Thu, 08/25/2022 - 16:15
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Tomiwabold Olajide
Shiba Inu saw significant buying within hours
Shiba Inu Trading Volumes Add 114% in Day as Millions Enter Market Cap
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According to CoinMarketCap data, the 24-hour Shiba Inu trading volume is demonstrating a sharp rise of 114%. Likewise, Shiba Inu's market valuation is up 7% at 7.68 billion. The latest increment might suggest that over $490 million has flowed into the SHIB market capitalization in the last 24 hours.

Courtesy: CoinMarketCap

In the previous 24 hours, new money has also poured into the "doggone doggerel" economy, which has reported a slight 4% increase in market value. This class of dog-themed cryptocurrencies is currently valued at $17.35 billion, according to data from CoinMarketCap.

The trading volumes of this class of assets have also increased by 88%, indicating a sustained interest in dog-themed cryptocurrencies.

As reported by U.Today, Shiba Inu saw significant buying within hours, printing two massive green hourly candles before retreating slightly at the time of publication. The buying pressure could partly be traced to whales or large investors who are taking advantage of the present market conditions to accumulate at a discount.

According to WhaleStats data, Shiba Inu was among the top 10 by trading volume among the 100 biggest ETH whales in the last 24 hours. At the time of publication, Shiba Inu was up 7% at $0.000014.

BONE is also up 10.95%

Notably, Shiba Inu's ecosystem BONE was up 10.95% in the last 24 hours at $0.91. The Shiba Inu governance token was also being actively traded, with 24-hour trading volumes rising 62.3%.

The market valuation for BONE was also up 10% within the same time frame. With less than 65,000 BONE left for farming, the enthusiasm around the asset remains in an uptick.

In June, the Shiba Inu community overwhelmingly voted in favor of halting all BONE farming upon reaching 230 million minted tokens. The remaining 20 million tokens were intended to be saved for Shibarium validators. Given this, the maximum supply for BONE remains at 250 million.

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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.