In the last 24 hours, the dog-themed cryptocurrency Shiba Inu has experienced a significant increase in transaction volume.
Shiba Inu Transaction Volume
According to IntoTheBlock data, Shiba Inu transaction volume increased to 4.49 trillion SHIB from 3.14 trillion SHIB the day before. This reflects a significant rise in network activity, possibly indicating increased interest in the meme coin.
Impact on the Market
The larger crypto market is recovering, fueled by Bureau of Labor Statistics figures. Reassuring U.S. inflation data boosted global markets, renewing bets on Federal Reserve interest rate cuts.
Future SHIB Price Movements
Over the last 24 hours, Shiba Inu, like other digital assets, has seen price increases. At the time of writing, SHIB was up 3.78%. Future movements will depend on SHIB's ability to break the daily SMA 50 resistance and maintain support at the SMA 200 level.
The surge in transaction volume sparks speculation about future moves for Shiba Inu. The market will closely watch its price for signs of sustained momentum or potential reversals.
