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In the past 24 hours, a dog-themed cryptocurrency has appeared Shiba Inu (SHIB) Saw a huge surge in trading volume on Coinbase.
According to Cowenglass DataSHIB's spot trading volume on cryptocurrency exchange Coinbase rose by a staggering 1,711%, raising questions about the reason behind this unexpected rise. The SHIB/USD pair on Coinbase has attracted $13.12 million in volume over the past 24 hours, representing a 1,711% increase over this time frame.
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According to CoinMarketCap DataTotal Shiba Inu trading volumes rose to $482 million over the past 24 hours.
The 1,711% spike in volume on Coinbase indicates renewed interest and activity around SHIB as the Shiba Inu ecosystem prepares for significant updates in 2025, particularly around the upcoming TREAT token. According to an announcement by the official Treat
The Shiba Inu community expects that these developments may benefit SHIB in the long term, which could lead to increased demand for the token.
SHIB price is consolidating
Despite the high trading volume... GrayThe coin's price has remained relatively stable near the $0.000024 mark over the past 24 hours. The Shiba Inu is up 1.46% in the last 24 hours to $0.0000241 and up 14% weekly.
After a four-day rally since December 31, which peaked at $0.0000249 on January 4, SHIB pulled back. SHIB's price began to recover during Monday's trading session, although holding in a narrow trading range as it awaits the next major move.
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Some analysts believe continued high volumes could eventually translate into upward price momentum, especially if the broader market continues to consolidate, but this is unknown at the time of writing.
A breakout of key resistance levels will be crucial for SHIB to start a new bullish phase. If the token can cross the daily SMA 50 at $0.0000255 and then $0.00003, it could bring further gains for SHIB price.
On the other hand, immediate support is expected at $0.0000234, ahead of key support levels at $0.00002 and $0.0000188, which coincide with the daily 200 simple moving average.
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