Shiba Inu’s 2,394% Activity Surge on US Crypto Exchange: What’s Going On?

According to CoinGlass data, Shiba Inu has surged 2,394.51% in spot volumes on major U.S. crypto exchange Kraken in the past week, revealing traders betting on the altcoin as the market awaits fresh catalysts.

The Federal Reserve policy decision is anticipated on Dec. 10.  Markets are expecting that the Fed will cut its key interest rate at its final meeting of the year, with traders pricing in around an 87% chance of a 25-basis-point cut when the central bank concludes its two-day meeting, according to the CME FedWatch tool.

After a few days of consolidation between $0.0000081 and $0.0000086, Shiba Inu began a move early Monday as the broader market turned green.

According to Maartunn, an on-chain analyst at CryptoQuant, spot buyers are stepping aggressively into the market. The Bid/Ask Ratio (0–20% Spot) has flipped to +0.31, which marks the highest since April 2025. Maartunn noted that this level of bid-side imbalance often marks local bottoms or signals trend reversals.

Volumes indicator flashes bullish for altcoins

At press time, SHIB was up 2.23% in the last 24 hours and up 7% weekly to $0.000008513.

In a recent analysis on the altcoin market, which includes Shiba Inu, CryptoQuant noted this particular cycle has been tough for traders as many coins did not perform as expected.

CryptoQuant noted that the altcoin market has now entered an interesting period, taking a look at overall altcoin trading volumes. The aggregated 30-day altcoin trading volume for stablecoin quote pairs to its annual average reveals something noteworthy.

The 30-day volume fell below the yearly average, which might suggest a buying zone for altcoins. CryptoQuant added that this phase could last for weeks or even months, giving enough time to optimize a DCA strategy with well-targeted entry points.

However, caution is required given the current uncertainty on the market. Despite the recent rise in the market, sentiment remains cautious, with the potential for further declines without fresh catalysts and liquidity.