Shiba Inu Daily Trading Volume Surges by 40%: What’s Driving the Growth?
The Shiba Inu daily trading volume has experienced a significant surge, increasing by 40% in the last 24 hours. This surge, which amounts to over $600 million in volume at the time of writing, has caught the attention of investors. But what factors are fueling this growth?
New Binance Trading Pairs Boost Trading Volume
According to data from Coinmarketcap, the increase in Shiba Inu’s trading volume is primarily driven by the Binance cryptocurrency exchange. Binance’s Japanese arm recently introduced new spot trading pairs for various cryptocurrencies, including Cardano (ADA), Solana (SOL), XRP, and Shiba Inu (SHIB).
- Binance’s introduction of Japanese Yen (JPY) pairs for these cryptocurrencies has played a significant role in boosting their daily trading volumes.
- With the addition of new trading pairs, Japanese investors have shown increased interest in Shiba Inu, contributing to a 40% rise in its trading volume.
- XRP/JPY and ADA/JPY also witnessed daily trading volume increases of 9% each, further highlighting the impact of the new trading pairs.
- Solana experienced a similar surge in trading volume, with a growth rate exceeding 40% during the same period.
Challenges Persist as SHIB Price Faces Bearish Pressure
Despite the surge in trading volume, Shiba Inu’s price has faced bearish pressure, leading to a retest of the $0.000023 support level. The introduction of new Binance trading pairs has brought bullish sentiment to the meme coin; however, other factors seem to be influencing its price decline.
- The broader crypto market, including Bitcoin, has experienced a 1.37% price decline, with Bitcoin falling below $63,000 once again.
- The lukewarm reception of Spot Bitcoin and Ethereum ETFs in Hong Kong has contributed to market sentiment, affecting the entire market, including Shiba Inu.
- Shiba Inu’s price movement appears to be following the overall market trend, rather than exhibiting an independent bearish bias.
- A potential recovery in Bitcoin’s price could trigger a market-wide rebound, impacting Shiba Inu’s price as well.
- However, Shiba Inu faces strong resistance from bears at $0.000024, posing a challenge to its recovery.
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