Shiba Inu Skyrockets 110% in Volumes as $410 Million Sell-Off Hits Market

Tomiwabold
Olajide

Shiba
Inu’s
trading
volume
has
more
than
doubled
since
past
day
to
reach
34.1
trillion
SHIB

Dog-themed
cryptocurrency
Shiba
Inu
(SHIB)
has
seen
an
extraordinary
surge
in
trading
volumes,
skyrocketing
by
110%
in
the
past
24
hours.
This
spike
in
activity
comes
amid
a
broader
market
sell-off
that
has
resulted
in
$410
million
in
liquidations.

According
to
CoinMarketCap
data,
Shiba
Inu’s
trading
volume
has
more
than
doubled
since
the
past
day,
marking
a
110%
increase
to
reach
34.1
trillion
SHIB
or
$801
million.

This
surge
in
trading
volume
indicates
a
significant
rise
in
buying
and
selling
activities
as
traders
react
to
the
current
market
conditions.
The
dramatic
increase
in
volume
suggests
heightened
interest
and
engagement
with
SHIB,
even
as
the
broader
cryptocurrency
market
experiences
a
substantial
sell-off.

The
cryptocurrency
market
is
currently
facing
a
massive
sell-off
as
investors
digested
a
strong
non-farm
payrolls
number
for
May
sparking
concerns
that
the
Federal
Reserve
may
not
decrease
interest
rates
as
quickly
as
expected
resulting
in
$410
million
in
liquidations,
according
to
CoinGlass
data.

The
Bitcoin
and
cryptocurrency
sell-off
further
accelerated
after
Keith
Gill
known
as
Roaring
Kitty
hosted
a
highly
anticipated
YouTube
livestream
for
the
first
time
in
several
years.
GameStop
(GME)
shares
fell,
impacting
a
barrage
of
meme
coins:
Dogecoin
(DOGE)
is
down
by
10%
over
the
past
24
hours,
Shiba
Inu
(SHIB)
has
fallen
by
8%
in
the
said
time
frame,
and
Pepecoin
(PEPE)
off
11%.

The
reasons
for
the
surge
in
Shiba
Inu’s
trading
volume
may
be
varied.
Traders
may
be
taking
advantage
of
the
volatile
market
conditions
to
speculate
on
SHIB’s
short-term
price
movements,
driving
up
trading
volumes.
Investors
could
be
reallocating
their
holdings,
moving
funds
into
or
out
of
SHIB
in
response
to
broader
market
trends
and
liquidations.

Likewise,
the
market
dip
might
be
prompting
both
panic
selling
and
opportunistic
buying,
with
some
traders
exiting
their
positions
to
avoid
further
losses
while
others
see
the
dip
as
a
buying
opportunity.

About
the
author

Tomiwabold
Olajide