In the last 24 hours, there has been a noticeable increase in trading of Shiba Inu (SHIB). This is especially true in perpetual futures, where the famous meme token’s value has grown by over 146%.
CoinGlass data shows that trade in SHIB1000 futures alone went over $40 million during that time. When all the derivatives tied to the Shiba Inu token were added together, the total value traded went over $200 million.
Also, half of this increase in trading was seen in SHIB spot markets. Analytics site CoinMarketCap says that more than $191 million worth of Shiba Inu tokens were traded on spot markets yesterday.
July Boosts Shiba Inu
The rise in SHIB trading volume happens at the same time that July is coming up, which has generally been an excellent month for the token.
CryptoRank’s history data shows that July is usually an appealing month for SHIB, with a median return on investment (ROI) of 5.3% and steady double-digit gains over the last two years.
Because of these historically bullish trends linked to July, there has been a lot more trading and market interest has been drawn back to Shiba Inus. We don’t know if these trends will last, but SHIB’s comeback is in line with how it has done in the past during this time of the year.
Overall, the substantial rise in trading volume shows that people are still interested in and speculating about Shiba Inus. Investors and traders are trying to make money off of its historically good July trends.
In the coming weeks, it will be found out if SHIB can keep up its current pace and make the gains that were expected.
