In the last 24 hours, the dog-themed cryptocurrency Shiba Inu (SHIB) has experienced a massive surge in trading volume on Coinbase.
According to Coinglass data, SHIB's spot trading volume on the Coinbase crypto exchange skyrocketed by a staggering 1,711%, prompting questions about what is behind the unexpected surge. The SHIB/USD pair on Coinbase attracted $13.12 million in volumes within the last 24 hours, representing a 1,711% surge within this time frame.
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According to CoinMarketCap data, Shiba Inu's overall trading volumes rose to $482 million in the last 24 hours.
The 1,711% volume spike on Coinbase signals renewed interest and activity around SHIB as the Shiba Inu ecosystem gears up for significant updates in 2025, particularly around the upcoming TREAT token. According to an announcement by the official Treat X account, the countdown is toward Jan. 14.
The Shiba Inu community is anticipating that these developments might benefit SHIB in the long run, potentially increasing demand for the token.
SHIB price consolidates
Despite the surge in trading volume, SHIB's price has held relatively steady near the $0.000024 mark in the last 24 hours. Shiba Inu is up 1.46% in the last 24 hours to $0.0000241 and up 14% weekly.
SHIB/USD Daily Chart, Courtesy: TradingView
Following a four-day surge since Dec. 31, which culminated in highs of $0.0000249 on Jan. 4, SHIB retreated. The SHIB price started recovering in Monday's trading session, albeit it holds in a tight trading range as it awaits the next major move.
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Some analysts believe that sustained high volumes could eventually translate into upward price momentum, particularly if the broader market continues to strengthen, but this is unknown at the time of writing.
Breaking through key resistance levels will be crucial for SHIB to kickstart a fresh bullish phase. If the token manages to surpass the daily SMA 50 at $0.0000255 and then $0.00003, it could spark further gains for the SHIB price.
On the other hand, immediate support is envisaged at $0.0000234, ahead of major support levels at $0.00002 and $0.0000188, which coincide with the daily SMA 200.
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