Shiba

Shiba Inu

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
According to&nbsp;<a href="https://www.coinglass.com/currencies/1000SHIB" rel="noopener noreferrer nofollow">CoinGlass</a>, the volume of derivatives trading on the popular meme-inspired&nbsp;<a href="https://u.today/shib-community-roasts-binance-for-shunning-bone-in-new-listing-move" rel="noopener noreferrer nofollow">Shiba Inu (SHIB)</a> cryptocurrency has more than doubled in the past 24 hours.
In particular, the 1000SHIB perpetual futures contract has seen a 104% increase in turnover, reaching a value of $87.61 million. At the same time, there are other derivative options on the Shiba Inu token, such as SHIB, which saw an increase of 53.24% and reached a value of $37.41 million, or SHIB1000, which saw an increase of 96.44% and achieved a turnover of $20.87 million.
Thus, the total trading volume of&nbsp;<a href="https://u.today/crucial-ryoshi-scam-warning-issued-by-shib-team" rel="noopener noreferrer nofollow">Shiba Inu</a> token derivatives reached $145.89 million over the past day.&nbsp;
Growth was also seen on the SHIB spot market, where the trading volume reached $145.5 million with growth of 57.49%. The total trading volume of the Shiba Inu token can be equated to $291.4 million, which brings the turnover to market cap ratio to 3.75% - a normal and not overheated level of trading activity.&nbsp;
<h2 dir="ltr" id="is-big-move-brewing-for-shiba-inu-shib-price">Is big move brewing for Shiba Inu (SHIB) price?</h2>
Of course, volume without the context of price action does not provide a complete picture of the asset.&nbsp;
Speaking of&nbsp;<a href="https://u.today/shiba-inu-to-burn-big-plan-to-slash-shib-supply-teased-by-shiba-inu-executive" rel="noopener noreferrer nofollow">SHIB's price</a> performance, one can note the lower volatility with which the token has been quoted over the last three weeks, as the amplitude of its action did not exceed 2.3% during this period.&nbsp; <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="d2eebc53-402f-490c-9e1c-27b5d246d141" src="https://u.today/sites/default/files/inline-images/SHIBUSDT_2024-09-16_18-39-01.png">Source: <a href="https://www.tradingview.com/x/o3bPZ5dd/" rel="noopener noreferrer nofollow">TradingView</a>
This also explains why the trading volume was so suppressed before today, as even after a 75% average increase on the derivatives and spot markets, its trading activity reached normal levels.

Shiba Inu (SHIB) Skyrockets 104% in Volume

Table of Contents

U_Today

Other articles published on Sep 16, 2024

Searching for a Telegram Trading Bot? Maestro Might Be the Perfect Solution

Coinpedia Fintech News

Alex Mashinsky Calls on Ex-Employees to Testify

Public Masterpiece Partners with Golden Silk Pheach: Unveiling the $3 Million Golden Khmer Flower...

Shiba Inu and Solana Investors Bet on This New Coin for 100x Growth

Fortnite LTM mode drops September 17th featuring Marvel Skins

Join our free newsletter for daily crypto updates!