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HomeCrypto NewsMarketShiba Inu Futures Trading Volume Up 78x in Seven Days

Shiba Inu Futures Trading Volume Up 78x in Seven Days

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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.

Read: SHIB achieved Two Major Milestones



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.

Read: Crypto Whales Purchasing Large Amounts Of Shiba Inu

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.

Read: Shiba Inu Is Now Fifth Most Traded Crypto





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.

 

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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