Shiba Inu Price Spikes, Trading Volume Soars by 312%

2023 was expected to be better for the cryptocurrency market in general. Falling cryptocurrency empires, a prolonged bear market, and plummeting prices were all visible throughout 2022. The beginning of 2023 was slow in terms of price changes.

However, starting off the second week of 2023, the cryptocurrency market is trading in the green. Shiba Inu stands tall with one of the highest gains over the last 24 hours. According to CoinMarketCap, SHIB is now trending on the CMC website.

CoinMarketCap data also reveals that Shiba Inu is up by 8.1% in the last 24 hours. The meme coin is also up by 11.22% over the last seven days.

Source: Crypto news

Shiba Inu trading volume spikes by 312%

According to CMC data, the 24 hours trading volume of Shiba Inu has also soared by 312% at press time. The 24-hour trading volume stands at $358,360,796.

The spike in trading volume can be attributed to the increased whale activity with Shiba Inu. According to the whale tracker, WhaleStats, large ETH whales have been accumulating SHIB recently.

There has also been a whopping 34400% spike in the burn rate over the last 24 hours, according to Shibburn data, with over 48 million SHIB sent to dead wallets at press time.