Shiba Inu (SHIB) has seen a notable increase in trading volume over the past 24 hours, drawing significant attention to the cryptocurrency.

Sharp Rise in Trading Volume

Over the past 24 hours, Shiba Inu's trading volume increased by 24.75%, reaching $499.29 million. SHIB derivatives also saw a 26.31% rise, amounting to over $307 million. Open interest recorded a 14.65% surge, adding $53 million.

Technical Analysis of SHIB

After testing the 100 EMA support level, Shiba Inu showed strong recovery in its price. Analysts see holding the 100 EMA as a sign of sustained bullish momentum. SHIB is currently trading at $0.00001767, a 4.67% increase over the past 24 hours.

Support and Resistance Factors

With the support, SHIB has avoided further declines and managed to rebound. Since the major bearish period in June, SHIB has displayed resilience, aided by community support and token burn efforts, contributing to the price stabilization.

The increase in Shiba Inu's trading volume indicates growing interest in this cryptocurrency. The support at the 100 EMA level and community efforts are key to SHIB's stabilization and potential growth.