Futures traders are piling on the popular meme coin Shiba Inu (SHIB) as its price spirals out of control amid the current bull market. Shiba Inu, the cryptocurrency nicknamed the “Dogecoin killer”, has seen an exponential increase in its futures volume in recent days. This increase comes amid a parabolic price spike.
Traders move to popular meme coin SHIB
According to data provided by IntoTheBlock, the futures trading volume of the meme coin started climbing as high as $1.24 billion on October 4. This quickly rose above $5 billion yesterday for the first time. It represents a 7,700 percent increase in Shiba futures volume over the past 7 days. Most futures trading activity seems to take place on OKEx, followed by Huobi and Gate.
That figure dwarfs the still massive price hikes Shiba has seen over the past few days. As we reported as Kriptokoin.com, until October 5th, the price of Shiba had increased by 100 percent within days. This spike came after a whale purchased $44 million in tokens in late September. More recent data from CoinGecko shows that the total trading volume over the past twenty-four hours was $18 billion. At the same time, SHIB is currently the fourth most traded cryptocurrency after Tether, Bitcoin and Ethereum.
The rise of Shiba and Elon Musk’s tweets
With its parabolic growth in recent days, Shiba Inu is actually starting to compete with Dogecoin for the best meme coin position. Now, SHIB ranks twentieth by market cap, with a market cap of around $10 billion. Dogecoin is in tenth place with $32 billion. So SHIB’s market cap is one-third of DOGE’s.
The popularity of both tokens is undoubtedly linked to Elon Musk’s praise of Dogecoin last year. In July, Elon even confirmed that some of his personal portfolio includes Doge. He even jokingly suggested that DOGE could become the leading cryptocurrency. More recently, Elon Musk revealed that he has a Shiba Inu in real life and posted a photo of his dog on his Twitter a few days ago. The tweet garnered over 350,000 likes.
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