Shiba

Shiba Inu

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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

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