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<p class="p2">The Shiba Inu daily trading volume has seen a massive explosion in the last 24 hours as a number of developments force investors to return to the table. This increase has naturally caught the eye of investors. But what is driving the growth?</p> 
<h2 class="p2" id="what-is-driving-the-shiba-inu-40-volume-growth">What Is Driving The Shiba Inu 40% Volume Growth?</h2> 
<p class="p2">According to <a href="https://coinmarketcap.com/currencies/shiba-inu/" rel="nofollow noopener" target="_blank">data</a> from Coinmarketcap, the <a href="https://bitcoinist.com/shiba-inu-0-00008-in-may/">Shiba Inu daily trading volume</a> has risen approximately 40% in the last day. This has sent its volume flying, coming in at over $600 million in 24 hours at the time of this writing. This surge is being driven mostly by the Binance crypto exchange, whose Japanese arm announced a number of sought-after trading pairs.</p> 
<p class="p2">In an <a href="https://www.binance.com/en/support/announcement/notice-on-new-trading-pairs-trading-bots-services-on-binance-spot-2024-04-30-a6458369650445e4aebe208e1e14da89" rel="nofollow noopener" target="_blank">announcement</a> posted on its official website, the Binance crypto exchange informed users that it was launching new spot trading pairs for a number of cryptocurrencies. These included <a href="https://bitcoinist.com/bitcoin-dogecoin-top-holder-cardano-ethereum/">Cardano (ADA)</a>, Solana (SOL), XRP, and <a href="https://bitcoinist.com/shiba-inu-shibarium-hard-fork-may-2/">Shiba Inu (SHIB)</a>.</p> 
<p class="p2">While the exchange does announce new pairs all the time, the fiat pair for these cryptocurrencies were notable. The exchange had finally introduced Japanese Yen (JPY) pairs for these sought-after cryptocurrencies. Following the opening of trading on Tuesday, April 30, the daily volumes of these saw a notable uptick.</p> 
<p class="p2">Shiba Inu has seen its trading volume rise 40% during this time as <a href="https://bitcoinist.com/japanese-firm-bitcoin-asia-first-microstrategy/">Japanese investors</a> get in on the coin. Other newly introduced pairs, XRP/JPY and ADA/JPY, saw their daily trading volumes rise by 9% each. Solana followed the path of Shiba Inu, recording an over 40% increase in its daily trading volume during this time.</p> 
<h2 class="p2" id="why-is-shib-price-still-down">Why Is SHIB Price Still Down?</h2> 
<p class="p2">Shiba Inu has seen its price succumb to bearish pressure in the early hours of Tuesday, causing its price to retest the $0.000023 support. This comes in light of the bullish interest that the <a href="https://bitcoinist.com/apologetic-letter-former-binance-ceo-cz-unveiled/">Binance</a> pairs have brought for <a href="https://bitcoinist.com/shiba-inu-shibarium-hard-fork/">the meme coin</a>, suggesting that something else is behind its price decline.</p> 
<p class="p2">Looking at the broader crypto market, the price of Bitcoin has fall 1.37%, pushing it below $63,000 once again. As the market leader, this has set a precedent, causing the rest of the market to fall alongside it. One major reason for this decline is the lukewarm start to the trading of <a href="https://bitcoinist.com/bitcoin-etfs-to-hit-hong-kong-market-on-april-30/">Spot Bitcoin and Ethereum ETFs in Hong Kong</a>, falling below market expectation.</p> 
<p class="p2">Given this, it’s obvious that <a href="https://bitcoinist.com/shiba-inu-price-in-may/">the SHIB price</a> is just following the general market sentiment and is not driven by a bearish impulse on its own part. In this case, a recovery in the Bitcoin price will likely lead to a total market recovery, and the Shiba Inu price will follow. However, the meme coin still has mounting resistance from bears at $0.000024, which could make recovery hard.</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/BOis8WvJ/" alt="Shiba Inu price chart from Tradingview.com
" width="3286" height="1530"></p>

Here’s Why The Shiba Inu Trading Volume Jumped 40% In 24 Hours

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