Shiba Inu – a cryptocurrency nicknamed “the dogecoin killer” has seen an exponential increase in futures trading volume in recent days. This comes amidst a parabolic price run.
According to data provided by IntoTheBlock, the SHIB futures trading volume began pumping on October 4th, up to $1.24B. This quickly spiraled up to above $5B today, for the first time ever.
It represents a 7700% increase in Shiba futures trading volume over the last 7 days. Most futures trading activity appears to be taking place on OKEx, followed by Huobi and Gate.
This figure dwarfs the still-massive price gains that Shiba has seen in the past few days. By October 5th, Shiba’s price had already risen 100% within days. This came after a whale purchased $44 million worth of the token in late September.
More recent data from CoinGecko shows total trading volume at $18B within the last twenty-four hours. It is also the fifth most-traded cryptocurrency right now behind Tether, Bitcoin, Ethereum, and BUSD.
SHIB also became the most traded crypto on Coinbase. Ethereum co-founder, Vitalik Buterin’s burning 90 percent of his SHIB tokens, Whales buying SHIB, Musk’s recent photograph of his Shiba Inu puppy as well as rumors about Shib Robinhood’s listing is believed to be the primary reasons behind such a strong rally.