Shiba Inu Skyrockets 110% in Volumes as $410 Million Sell-Off Hits Market

Shiba Inu Trading Volume Surges Amid Market Sell-Off

Dog-themed cryptocurrency Shiba Inu (SHIB) has experienced a remarkable surge in trading volume, soaring by 110% over the past 24 hours.

Trading Volume Skyrockets

According to CoinMarketCap, SHIB's trading volume has more than doubled, reaching 34.1 trillion SHIB or $801 million. This indicates a significant increase in buying and selling activity as traders respond to the current market situation.

Market Sell-Off Triggers Interest

The cryptocurrency market is currently experiencing a significant sell-off, with liquidations exceeding $410 million. This downturn is attributed to concerns that the Federal Reserve may not lower interest rates as quickly as anticipated.

Keith Gill's Impact

The sell-off accelerated following a highly anticipated YouTube livestream hosted by Keith Gill, known as Roaring Kitty. The decline in GameStop (GME) shares impacted meme coins, including Dogecoin (DOGE) and Shiba Inu (SHIB), which fell by 10% and 8%, respectively.

Reasons for Surge in Trading Volume

The surge in SHIB's trading volume can be attributed to several factors. Traders may be capitalizing on market volatility to speculate on SHIB's price movements. Investors may be adjusting their portfolios, moving funds into or out of SHIB in response to broader market developments and liquidations. Additionally, the market dip may be prompting both panic selling and opportunistic buying.