Data from CoinMarketCap shows a significant increase in Shiba Inu trading volume today. In just 24 hours, it has grown by nearly 120%, reaching a total trading volume of $360.13. Notably, SHIB was at a similar level at the beginning of the week, but what makes it even more significant is that the entire market is crashing, while its trading volume is skyrocketing.
More importantly, similar to Bitcoin and the rest of the altcoins, the price of SHIB has also dropped, currently at $0.00001233, after a decline of nearly 2%.
The drop comes after a significant market correction, but the increase in volume is due to new updates regarding the migration of the LEASH token to LEASH V2. It is important to note that the migration would solve some key issues and introduce a completely audited fixed supply model. Additionally, it will add burn migration to claim, external audit, and support for cryptocurrency exchange platforms.
Shibburn also notes the burning of 3,743,880 SHIB tokens today, reducing its total supply and increasing its demand.
The main cryptocurrency market faces a strong correction today, initiated by the drop in Bitcoin's price. Late Sunday, an original BTC whale sold 24,000 BTC, causing its decline. Other investors also followed suit, adding significant downward pressure to the market.
As a result, $830 million was liquidated from the market, with Ethereum ($295.70 million) and Bitcoin ($272.36 million) positions being the most affected. Other altcoins like SOL, DOGE, and others were also liquidated, affecting 165,843 traders.
It is noteworthy that the drop occurred just one day after Jerome Powell's speech in Jackson Hole, where he hinted at an interest rate cut, which boosted cryptocurrency prices. However, this changed, impacting Bitcoin, SHIB, and the rest of the assets.
Although experts see greater volatility this week due to the release of the core PCE price index (year-on-year and month-on-month), speeches from Fed officials, and more, Shiba Inu could reject the trend with high trading volume.
