- Shiba Inu has gained 2.88% to reach approximately $0.000007885, driven by a 22% increase in SHIB on Binance.
- Binance witnessed Shiba Inu trading volumes exceeding $37 million in the last 24 hours.
- Overall spot volume has surged over 30% to $189 million, with Binance contributing significantly.
Shiba Inu continues trending upward, gaining 2.88% to around $0.000007885, according to CoinMarketCap data. A key driver of this sustained bullish momentum is a 22% SHIB trading volume spike on leading exchange Binance.
Binance saw massive Shiba Inu trading volumes of over $37 million in the past 24 hours. As the most liquid exchange globally, this signals strong demand growth that could foreshadow further upside.
Overall spot volume surged over 30% to $189 million, with Binance activity making up a substantial portion. This resurgence has several underlying factors potentially boosting SHIB.
Shiba Inu burn rate remains high
One is the token’s burn rate, which helps reduce supply and increase scarcity. Despite fluctuating wildly recently, burn activity remains elevated.
The launch of layer-2 scaling solution Shibarium in August is also stimulating ecosystem development and SHIB use cases. Decentralized exchanges built on it, like MARSWAP and ChewySwap, drive new demand.
Whale accumulation and burning may provide stability and scarcity tailwinds as well. Their steady buying and hodling habits reinforce SHIB’s upward trajectory.
With SHIB’s popularity surging on Binance alongside its expanding utility, the meme coin could have room to run as it continues rebounding from 2022 lows. If major tailwinds persist, SHIB could rechallenge its all-time highs.