Shiba Inu (SHIB / USD), a Dogecoin-inspired memecoin following its growth in popularity and value earlier this year, has also started to do extremely well. The project has seen a massive increase in futures trading over the past 7 days, and its futures trading volume increased by 78 times.
According to recent data released by IntoTheBlock, SHIB-based futures started pumping on October 4, rising to $ 1.24 billion. The situation began to escalate rapidly, taking the volume to 5 billion dollars on October 7, marking a new ATH. This indicates that the volume of SHIB futures managed to rise 7,700% in less than 7 days.
Looking for quick news, tips, and market analysis? Sign up for the Invezz newsletter today.
The data also shows that most of the trading takes place on the OKEx exchange, followed by Huobi and Gate.
SHIB price rises 100% in a few days
However, this is not the only new development that SHIB has seen in the first days of October. The coin itself also saw a massive price spike, surging 100% in just a few days. However, this price increase came after a whale bought the coin worth 44 million dollars in the last days of September.
The daily trading volume of the coin increased shortly after that, reaching $ 18 billion yesterday, October 7, and becoming the fourth most traded cryptocurrency. Right now, only Tether, Bitcoin, and Ethereum are on top in terms of volume, all of which are top performers and are among the largest cryptocurrencies in the industry in almost every way.
Shiba Inu’s rapid growth allowed the coin to become one of the largest meme currencies, and even challenge Dogecoin’s own position as the leading meme-based cryptocurrency. The coin is already being called a Doge killer by many, even though its market cap is still only ⅓ of DOGE itself.
Both coins saw significant boost due to the support of Elon Musk, who even announced the plan to buy his own Shiba Inu puppy in June. Musk already did, and named the puppy Floki, which resulted in the creation of another cryptocurrency, Floki Inu, while DOGE and SHIB saw a price increase at the time.
Invest in cryptocurrencies, stocks, ETFs, and more, in minutes with our preferred broker, eToro
67% of retail CFD accounts lose money