$500 Million in Shiba Inu (SHIB) in 24 Hours: Something Big Coming?

Shiba Inu has experienced a massive 24.75% spike in trading volume over the past 24 hours, with $499.29 million.

According to data provided by Coinglass, Shiba Inu coin derivatives also saw a massive 26.31% spike in the last 24 hours, amounting to over $307 million.

SHIB open interest also shows a significant surge of 14.65%, or $53 million.

SHIB in recovery mode

After testing the crucial 100 EMA support level, Shiba Inu (SHIB) has shown a strong price recovery.

The token found support near this technical level, which is seen as a key indicator by traders. Holding the 100 EMA suggests that despite recent price declines, SHIB's bullish sentiment remains intact. If market conditions hold steady, this recovery could drive another upward move soon.

At press time, SHIB is trading at $0.00001767, marking a 4.67% increase in the past 24 hours. Its market cap has also risen by 5.24% to $10.4 billion.

Earlier, Shiba Inu was on the verge of dropping further, but its resilience helped it rebound. SHIB has shown strength since June’s significant bearish period, with continued community support. Recent efforts to burn millions of tokens have further contributed to stabilizing SHIB's price.