SHIB Volume Skyrockets 150% As Bullish July Expected
In the last 24 hours, there has been an increase recorded in the trading volume of the Shiba Inu token. There was an increase of more than 146% in the turnover associated with perpetual futures of the meme token.
Data from CoinGlass showed that the trading volume of SHIB derivatives in the last 24 hours had surpassed the $40 million mark.
This is just the case for SHIB1000 futures. If the derivatives of the Shiba Inu token are taken into account, the turnover exceeds the $200 million mark.
The data
Moreover, the trading growth recorded in the SHIB spot markets stood at 50%.
Data from CoinMarketCap showed that in the last 24 hours, the turnover recorded in the Shiba Inu stock markets had surpassed $191 million.
It is interesting to note that as July drew closer, there was an increase in the volume of the Shiba Inu token. Historical data from CryptoRank shows that July is usually a positive month for the meme coin.
For instance, the SHIB token has a median ROI for the SHIB token of 5.3% in this month.
In the last two years, the second-largest meme token in the market has closed the month with double-digit percentage gains.
July performance
Therefore, the rise in trading volume of the Shiba Inu token and renewed attention towards it could be due to the historically bullish trends that have been seen in July.
Whether the SHIB token will continue the same pattern this year remains to be seen. Its current performance aligns with its performance recorded in the same month every year.
The rise in trading volume reflects the ongoing speculation and interest surrounding the meme token. Market participants may likely want to take advantage of the historically bullish trends.
The next few weeks will show if the SHIB token can maintain momentum and deliver gains to its holders.
Coinbase
While the burn volume and on-chain volume of the Shiba Inu token have both surged, it is the transactional volume that is worth noting.
After all, it has climbed to a whopping 2.6 trillion SHIB tokens and 10% of these transactions have occurred on the Coinbase crypto exchange.
The most recent data shows that the hot wallet on Coinbase saw two major SHIB transactions take place in the last 24 hours. The total number of SHIB tokens moved was 26 billion.
As far as the value of these transactions is concerned, it climbed to $402 million. The rise in activity on Coinbase could point towards a rise in activity amongst whales.
The on-chain data shows that significant changes are happening in the Shiba Inu market. The lowest number of transactions in the week stood at 47.
However, the number of large transactions has now reached 65. This shows that whales and institutional investors are moving their funds.
This could be in anticipation of market changes. The capital flow of the SHIB token has gone up, which means there is greater liquidity in the market.
