Why is Shiba Inu Volume up 120% Despite Crypto Market Crash?

The crypto market has once again entered a turbulent phase, but Shiba Inu is presenting an odd picture with a 120% volume surge. Although the meme coin also experienced turbulence in the ongoing volatile-filled market, investors’ interest is peaking, in contrast to many experts’ allegations that these meme-inspired cryptos wouldn’t survive much. Let’s discuss what’s pumping the SHIB’s trading volume today.

Shiba Inu Volume Skyrockets 120% Despite Crypto Market Crash

CoinMarketCap data shows that a significant surge in the trading volume of Shiba Inu has occurred today. In just 24 hours, it has grown nearly 120%, bringing the total trading volume to $360.13. Notably, SHIB was on a similar level just earlier in the week, but what makes it more significant is that the entire market is crashing, while its trading volume is skyrocketing.

More importantly, similar to Bitcoin and the rest of the altcoins, SHIB price is also down, $0.00001233 at present, after a nearly 2% crash.

The decline follows the major market correction, but the volume surge is due to the new updates on migrating the LEASH token to LEASH V2. Notably, the migration would fix a few key issues and would introduce a fully audited fixed supply model. Moreover, it will add burn-to-claim migration, external audit, and support from crypto exchanges.

Shibburn also notes the burning of the 3,743,880 SHIB tokens today, reducing its total supply and adding to its demand.

Crypto Market Crash Liquidates $830M in 24 Hours

The major crypto market is facing a sharp correction today, initiated by the Bitcoin price crash. In late Sunday hours, an OG BTC whale sold 24,000 BTC, which led to its crash. Other investors also followed, adding significant downward pressure in the market.

As a result, $830M has been liquidated from the market, with Ethereum ($295.70M) and Bitcoin positions ($272.36M) getting wiped out the most. Other altcoins like SOL, DOGE, and more were also liquidated, affecting 165,843 traders.

Notably, the drop came just a day after Jerome Powell’s speech at Jackson Hole, where he hinted at an interest rate cut, pumping the crypto prices. However, that changed, impacting Bitcoin, SHIB, and the rest of the assets.

Although experts see further volatility this week due to the release of the Core PCE Price Index (YoY and MoM), Fed officials speaking and more, Shiba Inu could reject the trend with high trading volume.