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

2024-5-1 23:00

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?

What Is Driving The Shiba Inu 40% Volume Growth?

According to data from Coinmarketcap, the Shiba Inu daily trading volume 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.

In an announcement 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 Cardano (ADA), Solana (SOL), XRP, and Shiba Inu (SHIB).

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.

Shiba Inu has seen its trading volume rise 40% during this time as Japanese investors 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.

Why Is SHIB Price Still Down?

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 Binance pairs have brought for the meme coin, suggesting that something else is behind its price decline.

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 Spot Bitcoin and Ethereum ETFs in Hong Kong, falling below market expectation.

Given this, it’s obvious that the SHIB price 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.

origin »

Bitcoin price in Telegram @btc_price_every_hour

Eight Hours (EHRT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: -1.70 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0092593 (-100%)

hours investors trading inu shiba volume eye

Источник: bitcoinist.com

hours investors → Результатов: 126


“The Bottom Is In,” Says Top Dogwifhat (WIF) Investor as He Invests $50K in New Exchange Token Priced at Just $0.02

Over the years, seasoned investors and traders have learned ways of staying ahead of the curve. Even with the notorious volatility of the crypto market and the uncertainty it brings, traders and investors spend countless hours studying trends and patterns to stay updated about the developing trends.

2024-4-18 10:00


Фото:

Coinbase stock pops on Q4 earnings: here’s what happened

Coinbase Global Inc (NASDAQ: COIN) is trading up in extended hours after reporting better-than-expected earnings report for its fourth quarter. This is a developing story. Numbers missing below will be updated as received! Coinbase stock pops on upbeat guidance Investors are cheering also because the management issued upbeat guidance for the future. Coinbase now forecasts […]

2024-2-16 00:19


Shiba Inu Burn Rate Spikes By 1,860% – Why Investors Should Take Note Of This

Shiba Inu, a cryptocurrency that is a spin-off of dog-themed crypto Dogecoin, is counting on massive token burning rates to stop its decline. Over the last 24 hours, over 45 million SHIB Tokens were burned During the same time frame, Shiba Inu failed to increase its trading price Analysts think the asset might “die” by the end of 2023 But despite the destruction of around 410 trillion of its supply since its introduction to the crypto space, SHIB failed to make any kind of rally as it continues to paint its charts in crimson.

2022-10-25 11:44


Dash 2 Trade Presale Records a Massive $500k Investment

Dash 2 Trade is shaping up to be one of the best crypto presales of the year after attracting more than $500,000 in investment within 24 hours of launch. Investors were quick to enter into the token presale of the project, innovative trading signals and analytics platform that aims to help users maximize profits by … Continued The post Dash 2 Trade Presale Records a Massive $500k Investment appeared first on BeInCrypto.

2022-10-23 11:00


Polygon Spikes 6.5% In Last 24 Hours As MATIC Investors See Bullish Momentum

Polygon (MATIC) is currently having a rally of its own as it recovered from its range low of $0. 721 recorded last September 22. MATIC is the only asset in top 20 cryptocurrencies to record double-digit gains for the past week Buyers are back and so is the buying pressure, propelling the asset to go higher Polygon now has two versions of SynFutures mainnet At press time, data from CoinGecko shows the crypto is trading at $0.

2022-10-5 15:51


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Shiba Inu Whales Are On The Move Again, 361 Billion SHIB Stuns Community

Shiba Inu’s on-chain data shows an interesting dynamic among SHIB holders and their relationship with crypto exchanges. Recent metrics from CryptoQuant show sustained withdrawals from exchanges alongside a noticeable increase in burn activity in the past few days, all of which are signs of tighter supply conditions.