SHIB Trading Volume Jumps 30% as Price Grapples with Key Level

According to CoinMarketCap data, Shiba Inu is demonstrating a 30% rise in trading volumes despite the recent market drop.

Fifteen trillion SHIB, or 15,871,804,471,893 worth $160,040,063, have been swapped within the last 24 hours. Increased volatility often leads to higher trading volumes for most crypto assets as expert traders buy and sell large quantities to capture profits. Thus, the rise in SHIB volume may have been caused by investors accumulating SHIB at its current lows.

Traders might have been scrambling to take advantage of the opportunity presented by the recent SHIB consolidation at $0.000010. Since Oct. 10, SHIB has failed to advance past the $0.000010 range, with bears occasionally threatening to bring it below the $0.000009 level.

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Shiba Inu (SHIB) once again traded closely to losing the key $0.000010 level on Oct. 19, as it dipped to a low of $0.00001002. At the time of publication, SHIB was changing hands at $0.0000101, down 1.93% in the last 24 hours. A further drop from where it currently trades might mean an extra zero added to its pricing as it might retest the $0.000009 level.

Alternatively, if buyers take the reins and drive the price once again above the daily MA 50 at $0.0000113, SHIB might reach the $0.000012 level before testing the barrier at $0.0000139.

Over 4.1 million SHIB burned in 24 hours

According to the SHIB burn Twitter handle, in the past 24 hours, there have been a total of 4,112,566 SHIB tokens burned and 16 transactions made.

The burn rate is down 92.52% as a lesser amount of SHIB was burned. Overall, a total of 410,382,066,798,416 has been burned from an initial supply of 1 quadrillion.