Shiba Inu Experiences Volume Surge: The Meme Coin Gains Momentum

Shiba Inu has seen a significant increase in spot trading activity across various exchanges in the past week. This development paints a positive picture for the second-largest meme coin by market capitalization, especially since it has been lagging behind during this market cycle.

Key Takeaways

Shiba Inu has experienced a 154% increase in spot trading volume on Kraken.
The coin has gained nearly 7% in value over the past week, outperforming many others in the market.
Leverage traders show a bullish outlook, although there are signs of declining derivatives volume.
A potential interest rate cut by the Federal Reserve may benefit Shiba Inu and other altcoins.
Community members report significant accumulation of SHIB tokens, with upcoming futures and ETF launches expected to boost adoption.

Shiba Inu

Notable Increase in Shiba Inu Spot Trading

According to data from CoinGlass, Shiba Inu’s USD spot trading volume on Kraken has surged by 154% in the last seven days. Major exchanges like Binance, Bybit, OKX, and Gemini have also reported substantial increases in trading activity during the same timeframe. This uptick suggests that spot buyers may be stepping in to support the SHIB price at a crucial support level amidst a wider decline in the cryptocurrency market.

Interestingly, Shiba Inu is one of the altcoins that has shown positive performance this past week, indicating bullish sentiment among traders. Data from CoinMarketCap reveals that the meme coin has risen nearly 7% during this period, even while Bitcoin displays volatile price movements.

Moreover, CoinGlass reports that a majority of leveraged traders are currently anticipating a rise in Shiba Inu prices, with the long/short ratio exceeding 1. However, it's important to note that derivatives volume has experienced a decline of over 10%, and open interest has dropped by nearly 4%, which could suggest a bearish outlook for the meme coin.

Another encouraging factor for Shiba Inu is the expectation that the Federal Reserve will cut interest rates again during this week's FOMC meeting. Such a move could inject additional liquidity into the cryptocurrency market, with altcoins like SHIB potentially reaping the benefits. Additionally, Bitcoin is attempting to maintain its position above the crucial $90,000 mark, which could lead to higher SHIB prices due to their correlation.

Community Updates on Shiba Inu's Progress

In an update shared on X, a member of the Shiba Inu community, known as Shibizens, provided insights into SHIB's recent progress. They mentioned that over 45 billion SHIB tokens have been moved off exchanges, indicating that holders are actively accumulating. Shibizens also referenced a notable $35 million transfer by a whale into a private wallet, implying that larger investors are optimistic about SHIB's future.

Additionally, Coinbase is anticipated to launch Shiba Inu futures on December 12, catering to both institutional and retail investors—this could further enhance the meme coin’s adoption. Furthermore, NYSE Arca has submitted the 19b-4 filing for T. Rowe's Shiba Inu ETF, bringing the ETF closer to launch.

Shibizens also emphasized improvements to the Shibarium network, which are poised to significantly benefit SHIB. This includes the rollout of an RPC upgrade, along with a confirmed full privacy upgrade utilizing encrypted technology, planned for implementation next year.

As of the latest update, Shiba Inu’s price is trading at approximately $0.000008498, reflecting an increase in the last 24 hours, according to CoinMarketCap.

Shiba Inu SHIB trading at $0.0000085 on the 1D chart | Source: SHIBUSDT on Tradingview.com