Shiba Inu trading volume experienced a significant increase in the last 24 hours despite negative market trends and declining Bitcoin prices.
Sharp Rise in Shiba Inu Trading Volume
Shiba Inu’s trading volume reached $334 million over the last 24 hours, representing a 109% increase according to CoinMarketCap data. This spike in activity occurred amid widespread turbulence in the cryptocurrency market, which saw a total of $749 million in liquidations.
Price Shift in Bitcoin and Its Impact
Bitcoin’s price fell significantly following a reported sale of 24,000 BTC by a major holder, triggering cascading losses across the market. This downturn reversed earlier momentum following dovish remarks by U.S. Federal Reserve Chair Jerome Powell at the Jackson Hole symposium, where he hinted at potential rate cuts.
Shiba Inu Developers' Plans for LEASH v2 Migration
Despite negative market conditions, the Shiba Inu development team continues to work on crucial infrastructure. Developer Kaal Dhairya announced progress on migrating to LEASH v2, which addresses a supply glitch caused by a rebase path left by the original developer. The upcoming version will feature a fixed supply with no minting risks and has already been submitted for external audit.
Amid the significant increase in Shiba Inu trading volume, the team continues to actively work on its development despite fluctuations in cryptocurrency prices.
