Shiba Inu’s Spot Trading Volume Surges Amid Market Decline
- Shiba Inu has seen a significant increase in spot trading volume, with a notable 154% rise on Kraken over the past week.
- Other major exchanges like Binance, Bybit, OKX, and Gemini have also experienced similar surges in SHIB trading activity.
- Despite broader market declines, Shiba Inu is up almost 7% over the last seven days.
- Leverage traders are predominantly betting on a price increase for Shiba Inu, with the long/short ratio above one.
- Over $35 million worth of SHIB has been transferred to private wallets, indicating accumulation by holders and whales.
The recent surge in Shiba Inu’s spot trading activity across multiple exchanges suggests increased interest and potential support at critical price levels amid a declining crypto market. This activity comes as most leverage traders expect further price increases for SHIB.
With its price rising nearly 7% in the past week despite market challenges, Shiba Inu demonstrates resilience and growing investor confidence. (Source)
