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.
