Shiba Inu’s (SHIB) popularity does not seem to be eroding despite the lingering bear market. Without a doubt, the cryptocurrency market suffered greatly from the fall of the FTX empire. Nearly every cryptocurrency on the market was seen to lose value. Even the price of Bitcoin [BTC] and Ethereum [ETH] dropped to around $15,000 and $1,000, respectively.
SHIB trading volume was soaring by 300% yesterday. However, the trading volume in the last 24 hours has touched a whopping 7.5 million, as per the details from CoinMarketCap.
Why did Shiba Inu’s trading volume soar by 7.5 million?
As per the details, the trading volume on DEX is just $4,912,364.00. However, the majority of the trillions of SHIB trades have happened on CEX. The CEX volume in the last 24 hours stands at $13.71 trillion.
The data from CMC reveals a $13,714,024,987,011 SHIB trading volume, which accounts for a 7574115.18% rise in the trading volume in the last 24 hours.
The major spike in trading volume can be attributed to massive whale accumulation or the transfer of SHIB from one wallet to another. Details from Etherscan reveal that over five transactions involving billions have been moved. Crypto.com also moved over 160 billion SHIB between their internal wallets. The trillions of SHIB movements are what caused the trading volume to skyrocket.
At press time, SHIB is trading at $0.000008582, with a 1% drop in price over the last 24 hours.