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Shiba Inu has seen a sudden hourly volume surge on Kraken, rising +26,691.75%. According to CoinGlass data, the SHIBUSDT spot trading pair on Kraken saw a 26,691% volume surge in the last hour to come in at $58,690.
While the reason for the spike remains unknown, there are a few likely reasons. A surge in trading volume most often reflects traders' positioning.
Shiba Inu has seen a price surge in recent hours, posting a large "marubozu candle" at one point on its hourly chart, which took its price from $0.00001186 to $0.00001223.
The Marubozu candlestick pattern represents one that has no shadows, indicating high market pressure. It indicates that the price traded in one strong direction.
A green marubozu candlestick in the case of Shiba Inu suggests strong buying pressure accompanied by a major increase in trading volumes.
In the last 24 hours, Shiba Inu's total spot trading volume has increased to $206.09 million, according to CoinMarketCap data.
12,733,930,024 SHIB shorts liquidated in positive October start
At press time, SHIB was up 4.9% in the last 24 hours to $0.00001231, marking a positive start to October.
Shiba Inu fell for two straight days at September's close to hit a low of $0.00001155 on Sept. 30. The first day of October saw a significant SHIB price rise from $0.00001176 to $0.00001236. The price move caught shorts or traders betting on a further SHIB price drop unawares, leading to significant short liquidation.
According to CoinGlass data, 12,733,930,024 SHIB short positions have been liquidated in the last 24 hours. This accounts for the majority, or $156,500 out of the total liquidation figure of $173,210, in the past day.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team