Shiba Inu Rockets: $1.33B Trading Volume and Strong FOMO Drive 14% Rally

Shiba Inu Rockets 14.44%, Daily Trading Volume Soars to $1.33B

With 14.44% increases in the last 24 hours and a move toward $0.0000195, Shiba Inu (SHIB), the second-largest meme coin in the world, has once again caused a stir in the cryptocurrency industry. Reminiscent of the huge bull run of 2021, the SHIB price spike is remarkably accompanied by a 98.65% increase in daily trading volumes, surpassing $1.33 billion.

Due to increased on-chain activity, the Shiba Inu has seen a significant 43% increase over the last nine days, according to data from the cryptocurrency analytics platform Santiment. Strong volume spurt, robust SHIB circulation, and SHIB whale transactions that have risen to 10-week highs are important indicators of this rally. Furthermore, a strong FOMO (fear of missing out) is setting in among traders as a result of the rise in SHIB social dominance.

Shiba Inu Futures Surge: $1.29M in Short Liquidations Point to Bullish Momentum

Strong performance is also evident in the futures data for the second-largest meme coin globally, with open interest jumping by 65% to almost $60 million. Furthermore, the quantity of Shiba Inu liquidations finished in 24 hours has climbed to $2.23 million, of which $1.29 million are short liquidations, based on Coinglass data. On the other hand, the accompanying figure shows a substantial rise in the financing rate, suggesting optimism among SHIB futures dealers.

As stated before, should the bulls succeed in breaking the $0.20 barrier on the SHIB price, there might be a 100% price surge in the upcoming weeks. Investors are curious if the 2021 bull run—which witnessed a 45000% increase in value between January and May—will be replicated by meme coins.

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