Shiba Inu Transaction Volume Soars 288% As Price Rallies by 21%

28 March 2022

in DOT

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Key Insights:

The broader market recovery also triggered Shiba Inu’s staggering 21.19% rally.
Bullishness coming from investors resulted in the transaction volume rising by almost four times.
The rally also led to SHIB’s listing on the Canadian exchange Netcoins.

Today proved to be a rather unexpected event for both Bitcoin and the altcoins as a rally triggered the entire crypto market to rise by over 5% ($120 billion). However, Shiba Inu managed to stand out today after making spectacular gains over the last 24 hours.

Shiba Inu Bags Inflows

In the last two weeks, Shiba Inu noted a stable rise, but today, the altcoin exploded and rose by 21.19%. In doing so, the coin marked a local top of $0.00002854.

But the bullishness over the last 15 days combined with the cues from the broader market is the actual reason behind this rise.

On the MACD indicator, SHIB has observed rising bullishness since March 18, after successfully marking a bullish crossover on the day before. The MACD line (white) only rose further today, leaving behind the signal line (red).

But the rally did so much more for the coin by turning the active downtrend into an uptrend today as the white dots of the Parabolic SAR shifted underneath the candlesticks.

Shiba Inu rose by 21.19% today

Thus, the allure of the Shiba Inu led to a significant rise in the activity from investors as well, and the meme coin noted a stark increase in the trading volume.

While SHIB clocked in about $792 million today yesterday, the same figure rose to $3.08 billion. This marks a 288% rise in 24 hours as of press time, which was certainly beyond expectations.

Shiba Inu’s trading volume spikes by 288% | Source: Yahoo Finance

Most of this came from the buy orders in the market, which exceeded the volume of SHIB sold at different intervals throughout the day.

In aggregate, about 761 billion SHIB worth approximately $21.8 million has been bought out during the trading hours at the time of writing.

Shiba Inu observed higher buys over sell today | Source: IntoTheBlock

Shiba Inu Finds Another Home

While Shiba Inu’s loyal community is enough for the meme coin, today’s performance certainly put it on the hotlist of multiple crypto exchange facilitators.

One of them was a Canadian cryptocurrency exchange, Netcoins, which listed Shiba Inu in its library of assets. Along with SHIB, Dogecoin, Decentraland, Polygon, and Fantom were also listed.

But Shiba Inu will also need to bring in some ecosystem development every now and then since, at the moment, no new development has been observed on the network.