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Shiba Inu Sees Huge 40%+ Spike In 24 Hour Trading Volume

Cryptocurrency Oct 02, 2022 05:00AM ET
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Shiba Inu Sees Huge 40%+ Spike In 24 Hour Trading Volume
 
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  • Shiba Inu’s (SHIB) trading volume saw a huge 49.14% jump.
  • SHIB is currently trading at $0.00001116 after a 0,69% drop in price.
  • There is no assurance that SHIB’s short-term momentum will see any improvement.

Shiba Inu’s (SHIB) trading volume saw a huge 49.14% jump earlier this morning. This increase is expected to be caused by some large SHIB transactions that were made recently.

According to information from Etherscan, one of the top 100 Ethereum (ETH) whales made two huge transactions within the last 24 hours. These transactions added up to $3.4 million.

In the initial transaction, 200 billion SHIB were transferred to another wallet, and after this, a further 100 billion SHIB landed in the very same wallet.

SHIB / Tether US 1D (Source: CoinmarketCap)

Despite this jump in transaction volume, it has not yet reflected in the meme coin’s price. According to the market tracking website CoinMarketCap, SHIB is currently trading at $0.00001116 after a 0,69% drop in price over the last 24 hours. In addition to this, SHIB’s trading volume saw a sizable drop since this morning to now stand at $137,970,546.

When looking at some of SHIB’s other metrics, we see that its thirty-day Market Value to Realized Value (MVRV) is not in the green yet. According to Santiment, SHIB; MVRV ratio stands at -3.30%.

SHIB MRVR Ratio (Source: Santiment)

At this rate, the possibility for the meme coin to reach two times its current value seems pretty far away. SHIB’s social dominance is also lackluster and stood at 0.66% at the time of writing. This could indicate that the crypto is not getting much interaction among investors.

On the other hand, SHIB’s social volume shows signs that the token search had increased.

SHIB social volume and dominance (Source: Santiment)

Despite this increase in social volume, there is still no assurance that SHIB’s short-term momentum will see any improvement over the next few days.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Shiba Inu Sees Huge 40%+ Spike In 24 Hour Trading Volume appeared first on Coin Edition.

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Shiba Inu Sees Huge 40%+ Spike In 24 Hour Trading Volume
 

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