Over the past seven days, Shiba Inu has seen a significant surge in spot trading volume on multiple exchanges. This bodes well for the second-largest meme coin by market cap, which has been one of the underperformers in this market cycle.
Shiba Inu Spot Trading Activity Surges
Data from CoinGlass shows that over the past seven days, Shiba Inu (SHIB) experienced a 154% surge in USD spot trading volume on Kraken exchange. During the same period, other major exchanges like Binance, Bybit, OKX, and Gemini also saw significant increases in trading volume. This suggests that spot buyers may be stepping in near key support levels to defend SHIB's price amid a broader cryptocurrency market downturn.
Notably, Shiba Inu was one of the few cryptocurrencies that saw a price increase last week, indicating that bulls may currently hold the upper hand. Data from CoinMarketCap shows that despite Bitcoin's volatile price movements, the second-largest meme coin by market cap still gained nearly 7% during this period.
Meanwhile, further data from CoinGlass shows that most leveraged traders are currently betting on a price increase for Shiba Inu, with the long/short ratio currently above 1. However, it's worth noting that derivatives trading volume dropped by over 10%, and open interest declined by nearly 4%, suggesting a less optimistic outlook for the meme coin.
In addition to the surge in spot trading volume, another positive factor for Shiba Inu is the potential for another interest rate cut by the Federal Reserve at this week's FOMC meeting. This could inject more liquidity into the cryptocurrency market, benefiting altcoins like SHIB. At the same time, Bitcoin is currently attempting to hold the psychological $90,000 level, which could pave the way for SHIB's price appreciation given their positive correlation.
Community Updates on SHIB's Latest Developments
On the X forum, a community member known as Shibizens posted an update on SHIB's recent developments. He pointed out that over 45 billion SHIB have been moved off exchanges, indicating accumulation by holders. Shibizens also mentioned a massive whale transaction worth $35 million being transferred to a private wallet, suggesting that SHIB whales are also bullish on the asset.
Furthermore, Coinbase plans to launch Shiba Inu futures for both institutional and retail investors on December 12, which is expected to boost adoption of this internet currency. Meanwhile, NYSE Arca has filed a 19b-4 form for T. Rowe's Shiba Inu ETF, bringing the ETF one step closer to official launch.
Shibizens also highlighted upgrades to the Shibarium network, which are expected to provide a significant boost to SHIB. The upgrades include RPC enhancements, and it has been confirmed that comprehensive privacy upgrades using encryption technology will be implemented. These upgrades are scheduled for launch next year.
According to CoinMarketCap data, at the time of writing, Shiba Inu's price is approximately $0.000008498, showing an increase over the past 24 hours.
