In the past 24 hours, Shiba Inu (SHIB) cryptocurrency experienced a massive surge in trading volume on Coinbase, raising questions about the reasons behind this occurrence.
Increase in Trading Volume
According to Coinglass data, SHIB's spot trading volume on Coinbase exploded by 1711%, reaching $13.12 million. Shiba Inu's total trading volume rose to $482 million over the last day. The volume peak might be linked to the anticipation of announced updates to the SHIB ecosystem, slated for 2025, and the release of the TREAT token.
SHIB Price Consolidation
Despite the trading volume surge, SHIB's price remains stable around $0.000024. On Monday, the price began to recover after a decline from $0.0000249 reached on January 4. Some analysts believe sustained high trading volumes could eventually translate to price increases.
Potential Technical Breakouts
Breaking through key resistance levels is crucial for initiating a new SHIB price rise. Surpassing the daily SMA 50 at $0.0000255 and then climbing to $0.00003 may lead to further SHIB gains. Support is anticipated at $0.0000234, with major supports at $0.00002 and $0.0000188.
The current surge in trading volumes indicates renewed interest in SHIB, which might affect its price in the future. Anticipated ecosystem updates and new token releases could continue to support interest in the cryptocurrency.
