Dog-themed cryptocurrency Shiba Inu (SHIB) saw trading volume surge as the broader cryptocurrency market faced fresh selling pressure early Monday, with about $1.14 billion in liquidations, CoinGlass data showed.
Shiba Inu's trading volume rose by 76.28% in the last 24 hours to $56.11 million, according to data from CoinMarketCap, indicating a surge in market activity during the recent selloff. The rise comes as traders react to falling cryptocurrency prices, which could encourage more buying and selling across major digital currencies.
Market reports confirm that Shiba Inu's trading volume jumped over 76%, a surge in spot trading amid the broader sell-off. It could also point to increased interest from buyers looking to accumulate SHIB at lower prices.
Market selloff sparks liquidations
Volatile price action has liquidated crypto positions of over $1 billion in the last 24 hours. The majority of cryptocurrencies, especially in the top 100, are facing losses between 1.5% and 13%. Shiba Inu itself was down 1.54% in the last 24 hours to $0.00000438.
The volatility set off a wave of forced selling in leveraged futures positions. Crypto traders had more than $1 billion in positions liquidated in 24 hours ($1.145 billion according to CoinGlass data). Most of these happened over the last six hours or so.
Longs—traders betting prices would rise—accounted for $1.03 billion of that total, meaning the market punished traders who had positioned for upward price movement.
This week's tone is set by inflation statistics, with the consumer price index for October due on Tuesday, with economists forecasting a modest 0.2% increase in October. Producer prices rose 6.3% from a year ago in September, the largest yearly increase in more than three years.
Hotter readings would support the case for higher interest rates, making risk assets such as cryptocurrency less appealing.