{"id":596167,"date":"2024-03-04T19:00:08","date_gmt":"2024-03-04T19:00:08","guid":{"rendered":"https:\/\/wncen.com\/?p=596167"},"modified":"2024-06-11T08:08:48","modified_gmt":"2024-06-11T08:08:48","slug":"shiba-inu-memecoins-3000-spike-volume-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-memecoins-3000-spike-volume-rally\/","title":{"rendered":"Shiba Inu & Other Memecoins See 3,000% Spike In Volume: Good Sign For Rally?"},"content":{"rendered":"

On-chain data shows Shiba Inu (SHIB) and other memecoins in the sector have observed a sharp boost in their volumes alongside their rallies.<\/p>\n

These Memecoins Have Enjoyed 3,000% Average Volume Increase<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, the trading volume of the memecoins has shot up recently. The “trading volume<\/a>” here refers to the total amount of a given cryptocurrency involved in trading activities on the various spot exchanges in the sector.<\/p>\n

When the value of this metric is high, it means that the asset in question is observing a large amount of trades right now. Such a trend implies that the interest around the coin is high among the investors.<\/p>\n

Related Reading: CryptoQuant\u2019s Bitcoin \u201cBull-Bear\u201d Indicator Flags Price As Overheated<\/a><\/div>\n

On the other hand, the low indicator suggests that investors may not pay too much attention to the cryptocurrency as they are not making trades.<\/p>\n

Now, here is a chart that shows the trend in the trading volume for four different memecoins: Shiba Inu, Pepe (PEPE), FLOKI (FLOKI), and Bonk (BONK).<\/p>\n

\"Shiba<\/p>\n

Looks like the value of the metric has been quite high for all of these coins recently | Source: Santiment on X<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin trading volume for all four of these memecoins has surged to high levels recently as their prices have gone through a rally<\/a>.<\/p>\n
Santiment notes that, on average, the trading volume across Shiba Inu, FLOKI, Pepe, and Bonk has increased by more than 3,000% over the past week. This would imply that crowd interest in these assets has witnessed a significant uplift.<\/p>\n
Generally, it’s not surprising to see the volume jump alongside price surges, as such sharp price action is attractive to investors, so they tend to make more moves in such periods.<\/p>\n
For any rally to be sustainable, it must keep attracting fresh volume. This is because moves like these require a large amount of fuel to keep going, which they can only get if more and more interest comes into the asset.<\/p>\n
Sometimes rallies start sharp, but fail to amass any appreciable volume, so, predictably die off before too long. As the volume of Shiba Inu and others has rocketed up recently, at least their current rallies shouldn’t face an issue like this.<\/p>\n
Related Reading: Bitcoin Safe From Drops Under $60,300? On-Chain Data Says So<\/a><\/div>\n
Now, while the trading volume can be something that can help rallies stretch longer, a high volume itself doesn’t imply a bullish prediction. This is because the volume can also spike during a selloff, as the indicator merely keeps track of the activity and not whether said activity is buying or selling dominated.<\/p>\n
As such, all that can be said about the implications of the current high trading volume on the prices of Shiba Inu and the company is that they should likely continue to see high volatility in either direction in the coming days.<\/p>\n
Shiba Inu Price<\/h2>\n
Shiba Inu has enjoyed an extraordinary run<\/a> of more than 180% in the past week, which has taken its price to the $0.00002746 mark.<\/p>\n
\"Shiba<\/p>\n
The price of the asset appears to have been sharply going up recently | Source: SHIBUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, Santiment.net, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows Shiba Inu (SHIB) and other memecoins in the sector have observed a sharp boost in their volumes alongside their rallies. These Memecoins Have Enjoyed 3,000% Average Volume Increase According to data from the on-chain analytics firm Santiment, the trading volume of the memecoins has shot up recently. The “trading volume” here refers to the total amount of a given cryptocurrency involved in trading activities on the various spot exchanges in the sector. When the value of this metric is high, it means that the asset in question is observing a large amount of trades right now. Such a trend implies that the interest around the coin is high among the investors. Related Reading: CryptoQuant\u2019s Bitcoin \u201cBull-Bear\u201d Indicator Flags Price As Overheated On the other hand, the low indicator suggests that investors may not pay too much attention to the cryptocurrency as they are not making trades. Now, here is a chart that shows the trend in the trading volume for four different memecoins: Shiba Inu, Pepe (PEPE), FLOKI (FLOKI), and Bonk (BONK). Looks like the value of the metric has been quite high for all of these coins recently | Source: Santiment on X As displayed in the above graph, the Bitcoin trading volume for all four of these memecoins has surged to high levels recently as their prices have gone through a rally. Santiment notes that, on average, the trading volume across Shiba Inu, FLOKI, Pepe, and Bonk has increased by more than 3,000% over the past week. This would imply that crowd interest in these assets has witnessed a significant uplift. Generally, it’s not surprising to see the volume jump alongside price surges, as such sharp price action is attractive to investors, so they tend to make more moves in such periods. For any rally to be sustainable, it must keep attracting fresh volume. This is because moves like these require a large amount of fuel to keep going, which they can only get if more and more interest comes into the asset. Sometimes rallies start sharp, but fail to amass any appreciable volume, so, predictably die off before too long. As the volume of Shiba Inu and others has rocketed up recently, at least their current rallies shouldn’t face an issue like this. Related Reading: Bitcoin Safe From Drops Under $60,300? On-Chain Data Says So Now, while the trading volume can be something that can help rallies stretch longer, a high volume itself doesn’t imply a bullish prediction. This is because the volume can also spike during a selloff, as the indicator merely keeps track of the activity and not whether said activity is buying or selling dominated. As such, all that can be said about the implications of the current high trading volume on the prices of Shiba Inu and the company is that they should likely continue to see high volatility in either direction in the coming days. Shiba Inu Price Shiba Inu has enjoyed an extraordinary run of more than 180% in the past week, which has taken its price to the $0.00002746 mark. The price of the asset appears to have been sharply going up recently | Source: SHIBUSD on TradingView Featured image from iStock.com, Santiment.net, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":596211,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[87477,91779,85497,85073,88164,88145,91778,83668,83667,86437,89043,91777,84562],"class_list":["post-596167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-bonk","tag-bonk-volume","tag-floki","tag-memecoin-mania","tag-memecoins","tag-pepe","tag-pepe-volume","tag-shib","tag-shiba-inu","tag-shiba-inu-price","tag-shiba-inu-rally","tag-shiba-inu-volume","tag-shibusd"],"acf":[],"yoast_head":"\nShiba Inu & Other Memecoins See 3,000% Spike In Volume: Good Sign For 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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