Futures traders are piling into Shiba Inu SHIB as its price spins out of control amidst the current bull market.
Shiba Inu – a cryptocurrency nicknamed “the dogecoin killer” has seen an exponential enhance in futures trading quantity in the latest days. This comes amidst a parabolic price pump.
Traders Flooding Into Shiba Inu
In keeping with the information provided by IntoTheBlock, the meme coin’s futures buying and selling quantity started pumping on October 4th, as much as $1.24B. This rapidly spiraled up to above $5B at this time, for the first time ever.
It represents a 7700% increase in Shib futures trading quantity over the last 7 days. Most futures trading exercise seems to be happening on OKEx, followed by Huobi and Gate.
This figure dwarfs the still-massive price gains that Shiba has seen in the past few days. By October 5th, Shiba’s price had already risen 100% within days. This came after a whale purchased $44 million worth of the token in late September.
More recent data from CoinGecko reveals complete trading quantity at $18B within the final twenty-four hours. Additionally, it is the fourth most-traded cryptocurrency right now behind Tether, Bitcoin, and Ethereum.
Related: Shiba Grows 20% in a week as whale buys more than 6 trillion SHIB
Shiba’s Surge and Elon’s Twitter
With its parabolic growth in recent days, Shiba Inu is actually beginning to compete with Dogecoin for the highest dog position. It now has one-third of the market cap size of its predecessor, ranked 18th on CoinGecko in comparison with Doge’s tenth.
The recognition of each tokens is undoubtedly associated to Elon Musk’s reward of Dogecoin over the previous yr. In July, Elon even confirmed that a few of his private portfolios had been in Doge. He even jokingly suggested that it might develop into the leading cryptocurrency.
More recently, Elon Musk revealed that he owns a real-life Shiba-Inu, and posted an image of it to his Twitter a few days ago. The tweet garnered over 350k likes and could be a part of the explanation for Shiba’s extreme development in comparison with Bitcoin and other cryptos this year.