Shiba Inu, has experienced an impressive 110% surge in trading volumes within the last 24 hours. This surge coincides with a broader market downturn resulting in $410 million in liquidations.
CoinMarketCap data reveals that Shiba Inu’s trading volume has more than doubled, reaching 34.1 trillion SHIB or $801 million. This substantial increase indicates heightened trading activity amidst the current market conditions, despite the overall cryptocurrency market experiencing a significant sell-off.
The sell-off was triggered by investors reacting to a robust non-farm payrolls report for May, raising concerns about the Federal Reserve’s interest rate policy. Additionally, a highly anticipated YouTube livestream by Keith Gill, also known as Roaring Kitty, further accelerated the sell-off, impacting various meme coins including Dogecoin (DOGEUSD), Shiba Inu (SHIBUSD), and Pepecoin (PEPEUSDT).
The surge in Shiba Inu’s trading volume may stem from various factors. Traders could be capitalizing on market volatility to speculate on SHIB’s short-term price movements, while investors might be adjusting their portfolios in response to broader market trends and liquidations. The market dip may also trigger both panic selling and opportunistic buying behaviors among traders.
