7 months ago
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The Shiba Inu daily trading volume has seen a massive explosion in the last 24 hours as a number of developments force investors to return to the table. This increase has naturally caught the eye of investors. But what is driving the growth?
What Is Driving The Shiba Inu 40% Volume Growth?
According to data from Coinmarketcap, the Shiba Inu daily trading volume has risen approximately 40% in the last day. This has sent its volume flying, coming in at over $600 million in 24 hours at the time of this writing. This surge is being driven mostly by the Binance crypto exchange, whose Japanese arm announced a number of sought-after trading pairs.
In an announcement posted on its official website, the Binance crypto exchange informed users that it was launching new spot trading pairs for a number of cryptocurrencies. These included Cardano (ADA), Solana (SOL), XRP, and Shiba Inu (SHIB).
While the exchange does announce new pairs all the time, the fiat pair for these cryptocurrencies were notable. The exchange had finally introduced Japanese Yen (JPY) pairs for these sought-after cryptocurrencies. Following the opening of trading on Tuesday, April 30, the daily volumes of these saw a notable uptick.
Shiba Inu has seen its trading volume rise 40% during this time as Japanese investors get in on the coin. Other newly introduced pairs, XRP/JPY and ADA/JPY, saw their daily trading volumes rise by 9% each. Solana followed the path of Shiba Inu, recording an over 40% increase in its daily trading volume during this time.
Why Is SHIB Price Still Down?
Shiba Inu has seen its price succumb to bearish pressure in the early hours of Tuesday, causing its price to retest the $0.000023 support. This comes in light of the bullish interest that the Binance pairs have brought for the meme coin, suggesting that something else is behind its price decline.
Looking at the broader crypto market, the price of Bitcoin has fall 1.37%, pushing it below $63,000 once again. As the market leader, this has set a precedent, causing the rest of the market to fall alongside it. One major reason for this decline is the lukewarm start to the trading of Spot Bitcoin and Ethereum ETFs in Hong Kong, falling below market expectation.
Given this, it’s obvious that the SHIB price is just following the general market sentiment and is not driven by a bearish impulse on its own part. In this case, a recovery in the Bitcoin price will likely lead to a total market recovery, and the Shiba Inu price will follow. However, the meme coin still has mounting resistance from bears at $0.000024, which could make recovery hard.
Featured image from CoinDCX, chart from Tradingview.com
