Shiba Inu Saw a Huge 40+% Increase in 24-Hour Trading Volume

Shiba Inu's (SHIB) trading volume jumped by a massive 49.14% early this morning. This increase is expected to be due to some recent large SHIB trades.

According to information from Etherscan, one of the top 100 Ethereum (ETH) whales made two large trades in the last 24 hours. These transactions totaled $3.4 million. In the first transaction, 200 billion SHIB was transferred to another wallet, and then another 100 billion SHIB landed on the same wallet.

SHIB / Tether US 1D

This jump in trading volume has not yet been reflected in the price of the meme coin. According to market tracking website CoinMarketCap, SHIB is currently trading at $0.00001116 after a 0.69% drop in price over the past 24 hours. In addition, SHIB's trading volume has seen a large drop since this morning and currently stands at $137,970,546. Looking at some of SHIB's other metrics, we see that its thirty-day Market Value to Realized Value Ratio (MVRV) is not yet green. According to Santiment, SHIB's MVRV ratio stands at -3.30%.

SHIB MRVR Ratio

At this rate, the meme coin is unlikely to reach double its current value. SHIB's social dominance is also lackluster, standing at 0.66% at the time of writing. This may indicate that the crypto is not receiving much interaction among investors. On the other hand, SHIB's social volume shows signs that token search is increasing.

SHIB social volume and dominance

Despite this increase in social volume, there is still no assurance that SHIB's short-term momentum will show any improvement in the next few days. The investment information, comments and recommendations contained herein do not constitute investment advice. Investment advisory services are provided on a personalized basis, taking into account the risk and return preferences of individuals. The content, comments and recommendations contained herein are of a general nature and are in no way directive. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in line with your expectations. Source: Coinedition Coinmarketcap Santiment Etherscan Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!