Shiba Inu, a cryptocurrency known as “the dogecoin murderer”, has seen an increase in futures trading volume over the past few days. This is despite a massive price pump.
Traders Flooding Into Shiba Inu
Data from IntoTheBlock shows that the meme coin’s futures trading volume grew to $1.24B on October 4. For the first time, this quickly spiralled up to $5B today.
This represents an increase of 7700% in the volume of Shiba futures trades over the past 7 days. The majority of futures trading activity seems to take place on OKEx followed closely by Huobi, Gate and Gate.
This is a huge increase in price compared to the massive price gains Shiba has experienced over the past few days. The price of Shiba had risen 100% in just a few days by October 5. After a whale bought $44 million worth tokens in September, this happened.
CoinGecko has updated its data to show that total trading volume was $18B in the past 24 hours. It is currently the fourth most traded cryptocurrency, behind Bitcoin and Tether.
Shiba’s Surge and Elon’s Twitter
Shiba Inu’s parabolic growth over the past few days has made it a contender for the top dog spot with Dogecoin. It has now one-third the market capital size of its predecessor and is ranked 18th on CoinGecko, compared to Doge’s 10th.
Both tokens are popular because of Elon Musk’s praise for Dogecoin in the last year. Elon Musk confirmed in July that Dogecoin was part of his personal portfolio. It could even be the most popular cryptocurrency, he joked.
Elon Musk recently revealed that he has a Shiba Inu and shared a photo of it on Twitter. This tweet received over 350k views and may have been part of Shiba’s extraordinary growth this year compared to Bitcoin or other cryptos.
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