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It appears that bullish sentiment has returned to the Shiba Inu (SHIB) community. The trading volume of the popular meme coin has surged by 21.21% in the last 24 hours, according to CoinGlass. It has reached a whopping $206.48 million. The huge increase in trading activity is creating discussions about a potential price rally.
The price of SHIB has seen a slight increase of 1.56% during this time, currently trading at $0.0000186. It indicates increasing interest from the crypto community. Notably, the Shiba Inu price is up a massive 39.29% in the last 30 days. This shows that the coin has defied all the odds and continued its growth despite the sluggish momentum on the broader market.
Today’s surge in trading volume is a key indicator of increased market activity, which could highlight the beginning of a broader price rally. A rise in volume means more traders are buying or selling the asset, a trend often seen ahead of price movements. The 21.21% rise in SHIB’s volume over the past day shows growing interest in the popular meme coin.
Bullish sentiment returns
This rising trading activity coincides with an overall bullish trend on the crypto market. Bitcoin (BTC), the leading cryptocurrency on the market, has recently climbed to $67,000, injecting optimism across the crypto space. With BTC’s upward momentum, altcoins like Shiba Inu often benefit from increased exposure and inflows as investors seek opportunities beyond Bitcoin.
Investor confidence in the SHIB price appears to be increasing, bolstered by several market factors. The broader crypto market has been in recovery mode after a period of consolidation, with key assets like Bitcoin and Ethereum (ETH) showing gains. BTC is expected to continue its upward momentum, and coins like SHIB may see increased buying pressure, which could lead to price rallies.
