Shiba Inu Coin (SHIB), a dog-themed cryptocurrency, saw a trading volume grow of 110% in 24 hours.
The price of many cryptocurrencies has fallen recently but dog-themed favorite Shiba Inu Coin saw its trading activity increase. There was a 110% jump in Shiba Inu Coin purchases in just one day. This means that even though the overall market was down, Shiba Inu Coin was hot with more than double the normal trading volume, reaching $801 million or 34.1 trillion SHIB.
Shiba Inu Coin: Market Fluctuation Reasons?
The recent growth of Shiba Inu investors caused crypto markets to swing wildly. It was fueled by US jobs report making investors worried about future interest rates. Investors feared that the government would raise interest rates, making borrowing more expensive.
This triggered a sell-off, with investors dumping $410 million across the market. A popular YouTuber Roaring Kitty further intensified the selling by doing it in a livestream. This impacted meme-based cryptocurrency prices like GameStop, Dogecoin, Shiba Inu, and Pepecoin.
Why is SHIB Trading Volume growing?
Shiba Inu coin trading volume has increased greatly, and there are a few reasons for this. Some people may be trying to predict where the coin price will go in the short term and make money from market fluctuations. Perhaps because of the way the whole market is going, other people are moving their money around, either investing more in Shiba Inu or pulling it out.
Right now, the market is not performing so well, which has caused some people to hastily sell their coins to avoid losing more money. But some people see this as an opportunity to buy coins when prices are low. These different actions are driving more people to trade Shiba Inu coins as they try to keep up with what is happening in the market.
The recent surge in Shiba Inu (SHIB) presents both exciting opportunities as well as serious challenges for investors. SHIB volatility creates an opportunity for short-term profits, but it requires careful investment planning.
Crypto market nature is highly volatile. Investors are instructed to do a well research of market or seek a financial advice form an expert before investing.
Also Read: Shiba Inu Coin: Prices Dip Despite Whales Buying 1.35 Trillion SHIB Tokens
