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Home » Shiba Inu (SHIB) Trading Volume Soars Amid Market Turbulence

Shiba Inu (SHIB) Trading Volume Soars Amid Market Turbulence

Hania by Hania
June 25, 2024
in Altcoin News
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Shiba Inu (SHIB) Trading Volume Soars Amid Market Turbulence
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The Shiba Inu (SHIB) cryptocurrency has experienced a significant surge in trading volume, even as the broader meme coin sector navigates through recent market turbulence.

SHIB’s Market Recovery: A Closer Look

The cryptocurrency market faced considerable volatility over the past 24 hours, with Shiba Inu (SHIB) being one of the affected assets. At one point, SHIB’s price plummeted by about 6.4%, reflecting the broader market’s downward trend. However, like many other altcoins, SHIB has started to recover, showing a 3% gain compared to its price from the previous day.

Shiba Inu (SHIB) Trading Volume Soars Amid Market Turbulence
Source: TradingView

Massive Increase in SHIB Trading Volume

Data from CoinMarketCap highlights a remarkable increase in SHIB’s trading volume, which surged by 140% in the past 24 hours. This spike in activity suggests heightened investor interest and trading activity around SHIB, despite its recent price fluctuations. The increased volume is a positive indicator for the coin, potentially signalling more market movements in the near future.

Burn Rate Declines Amid Increased Trading

While SHIB’s trading volume has skyrocketed, the burn rate tells a different story. According to Shibburn, the burn rate has declined by 0.49% over the past day, with only 10 million SHIB tokens being destroyed. This negative burn rate indicates that fewer tokens are being removed from circulation, which could have implications for SHIB’s overall supply and future price dynamics.

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Shiba Inu (SHIB) Trading Volume Soars Amid Market Turbulence
Source: Shibburn

Meme Coin Sector Shows Signs of Recovery

The broader meme coin sector has also shown resilience following the recent market dip. According to CoinGecko, the meme coin category is up 4.8% in the past 24 hours. Notable performers in this sector include WIF, which is up 18.4%, BONK with a 15% increase, and FLOKI, which has risen by 12%. Despite SHIB’s significant trading volume increase, it lags behind these coins in terms of percentage gains.

Also Read: Shiba Inu Coin Recovers: SHIB Community Announces New Web3 Game
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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