Shiba Inu Ecosystem Tokens are gaining popularity, resulting in a 110% increase in SHIB trading volume
According to CoinMarketCap statistics, the trading volume of Shiba Inu has increased by a staggering 110% in the previous twenty-four hours as dog tokens gain popularity.
A possible indicator of investment strategy is the trading volume, which is the total number of units exchanged between buyers and sellers.
Thus, the surge in SHIB volume may be the result of traders attempting to benefit from a volatile market. Since reaching lows of $0.0000079 on December 28, SHIB has risen gradually.
Five of the last six days have been positive for the dog-themed cryptocurrency, with intraday highs of $0.0000088 on December 5. Despite a minor decrease, SHIB is up 3.15 percent at $0.0000084.
The Shiba Inu token is one of the most acquired tokens by Ethereum whales, according to data compiled by WhaleStats, which focuses on the 100 and 500 largest whales in the Ethereum ecosystem.
In addition to the most current Shibarium developments published via the official Shibarium Twitter account, interest has been shown in Shiba Inu’s governance token BONE.
According to data from CoinMarketCap, BONE’s price increased by 11.76% in the last 24 hours to $1.05 at the time of writing. Similarly, BONE’s trading volume in the last twenty-four hours increased by 105% as investors capitalized on recent volatility.
As previously stated, the Shiba Inu team emphasized that BONE is and will continue to be the only token necessary for Shibarium gas costs and use.
The SHIB burn rate has increased by 33.53 percent, as shown on the Shibburn website, in addition to the list of positive catalysts described above. Seven transactions and the destruction of 113,660,903 SHIB tokens occurred in the previous 24 hours. In 2022, a staggering 83,347,071,504 SHIB tokens were burnt, along with 6,395 transactions.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.