Shiba Inu, a cryptocurrency nicknamed “Dogecoin Killer”, has seen an exponential increase in futures trading volume in recent days.
According to data provided by IntoTheBlock, Shiba Inu’s futures trading volume has skyrocketed since October 4th, reaching a maximum of $1.24 billion. It has gradually climbed to over $5 billion for the first time.
This corresponds to an increase in the trading volume of Shiba futures in the last 7 days by 7700%. Most of the futures trading activity appears to be on OKEx, followed by Huobi and Gate.
This number stunts the huge price hikes that Shiba has seen in recent days. By October 5th, the price of Shiba had risen by 100% within a few days. It did so after a whale bought $44 million worth of tokens in late September.
The latest data from CoinGecko shows that the total transaction volume in the past 24 hours was $18 billion. It is currently the fourth-largest cryptocurrency by trading volume after Tether, Bitcoin, and Ethereum.
Shiba Inu Surge and Elon Musk’s Tweet
With the parabolic growth in the past few days, Shiba Inu is starting to compete for number one with Dogecoin. Its market capitalization is now a third of its predecessor and is ranked 18th on CoinGecko and Doge ranked 10th.
The popularity of these two tokens is no doubt related to Elon Musk’s praise for Dogecoin over the past year. In July, Elon even confirmed that part of his portfolio is in Dogecoin. He even jokingly suggested that it could become the leading cryptocurrency.
Elon Musk recently announced that he owns a real Shiba Inu and posted a photo on his Twitter a few days ago. This tweet received more than 350,000 likes, which is possibly one of the reasons why Shiba Inu has grown so fast compared to Bitcoin and other cryptocurrencies this year.