Shiba Inu skyrockets 110% in Volumes
The meme-inspired digital currency, Shiba Inu (SHIB), has experienced a remarkable swell in trading activity, soaring by 110% within a mere 24 hours. This significant uptick in activity emerges in the wake of a sizable downturn across the market, leading to liquidations totaling $410 million.
As per the latest figures from CoinMarketCap, the trade volume for Shiba Inu has soared, showing an impressive increase of 110%, which equates to 34.1 trillion SHIB or approximately $801 million.
This surge signifies an accelerated pace of transactions involving the buying and selling of SHIB, pointing to a growing fascination and interaction with this cryptocurrency amidst a broad market pullback. The notable jump in trade volume highlights a surging interest in SHIB as the wider digital currency market navigates through a period of significant sell-offs.
Presently, the cryptocurrency sector is grappling with a sharp decline as the investor community processes a robust non-farm payroll figure for May, stirring worries that the Federal Reserve might slow its pace in cutting interest rates. This has led to $410 million in liquidations, based on data from CoinGlass.
The decline in Bitcoin and other digital currencies gained momentum after Keith Gill, famously known as Roaring Kitty, conducted a much-anticipated live broadcast on YouTube for the first time in years. Following the live stream, GameStop (GME) stocks took a hit, affecting a series of meme-based cryptocurrencies: Dogecoin (DOGE) dipped by 10%, Shiba Inu (SHIB) saw an 8% decline, and Pepecoin (PEPE) dropped by 11% over the last day.
Several factors might be fueling the explosive increase in Shiba Inu's trade volume. Amid the turbulent market scenario, traders might be leaping at the chance to bet on SHIB's price fluctuations in the short term, which in turn propels the volume of trades. Furthermore, investors might be adjusting their portfolios, funneling capital into or out of SHIB as they calibrate their strategies in alignment with overarching market movements and liquidations.
Additionally, the downturn serves as a catalyst for various trading behaviors, with some investors opting to sell off their holdings in a bid to curb further losses, while others view the downturn as an ideal moment for acquisition.
