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Shiba Inu (SHIB) recorded a 104% surge in derivatives trading volume over the last 24 hours, reaching $145.89 million. Meanwhile, SHIB’s spot market volume rose by 57%, indicating a resurgence in market demand for the meme-based cryptocurrency.
SHIB Futures Contracts See 104% Spike
The popular Shiba Inu (SHIB) cryptocurrency, which is based on a meme, has seen a more than doubling of its derivatives trading volume in the last 24 hours, according to CoinGlass. This is especially true for the 1000SHIB perpetual futures contract, which has grown in value to $87.61 million, a 104% rise from its initial valuation.
Also, the Shiba Inu token has other derivative possibilities, such as SHIB, which went up 53.24 percent and is now worth 37.41 million dollars, or SHIB1000, which went up 96.44 percent and is now worth $20.87 million.
A total of $145.89 million worth of Shiba Inu token derivatives was traded yesterday.
SHIB’s Total Trading Volume Exceeds $291 Million
The SHIB spot market also witnessed growth, with a trading volume of $145.5 million, a 57.49% increase. An average and not excessive level of trading activity, the total trading volume of the Shiba Inu token is $291.4 million, bringing the turnover to market cap ratio to 3.75%.
Naturally, volume alone does not paint a whole picture of the asset's performance in relation to price action.
SHIB Price Faces Lower Volatility
When discussing the performance of the SHIB price, it is worth noting that the token has been quoted with decreased volatility over the past three weeks. As stated by U.Today, the amplitude of its movement did not surpass 2.3% during this period.
Given that its trading activity returned to normal levels despite a 75% average increase on the futures and spot markets, this helps to clarify why the trade volume was so restricted prior to today.
