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Shiba Inu (SHIB) has surged with a 203% jump in trading volume, fueling a price increase that brings the token near a critical resistance level. This upward trend follows a period of consolidation, drawing renewed attention from traders.
Shiba Inu Surges 203% in Trading Volume
Data from CoinMarketCap shows that when the price of Shiba Inu suffered a big breakthrough, the trading volumes increased by an astounding 203%. Traders and market watchers are paying attention to this spike since it follows a period of consolidation.
Price Breakout Boosts Demand
The trade volume of Shiba Inu reached $665,513,196, or 38.95 trillion SHIB, a 203% increase, in the last 24 hours.
Over the same time period, the price of Shiba Inu has been rising at a rate of 13.69%, reaching $0.00001699, continuing an upward trend that began two days ago.
Shiba Inu Outperforms Major Cryptos
The breakout caused a surge in purchasing pressure, which in turn drove up demand on major exchanges, sending the price of SHIB substantially higher. There has been a noticeable uptick in trading activity, suggesting that people are getting back into the token after a time of relative quiet.
Shiba Inu is outperforming the top 100 cryptocurrencies in terms of daily gains, with the exception of Worldcoin (WLD), which is up 15.21%. The majority of these cryptocurrencies were showing gains between 1% and 13%.
Optimism on the Shiba Inu Ecosystem
The good feeling surrounding anticipated advances in the Shiba Inu ecosystem, a technical breakout, and overall optimism on the cryptocurrency market are all potential reasons for the increase, U.Today explains.
Since the Federal Reserve announced a rate cut last week, risk assets, especially pure fiat liquidity plays like Bitcoin (BTC) and altcoins, have risen. Shiba Inu also experienced a breakout, moving higher than the daily SMA 50.
Key Levels Ahead for SHIB
Having broken above the $0.00001391 daily SMA 50 that has supported its price since April, SHIB began to rise and has now climbed for three consecutive days, reaching a high of $0.00001709 in today's trading session.
Near its current trading price up to $0.000019, where 86,850 addresses hold 440.85 trillion SHIB, according to on-chain data from IntoTheBlock, Shiba Inu's surge encounters a big hurdle.
