A glance at Shiba Inu's daily chart reveals an astonishing surge in trading volume, particularly around its current price level.

This significant increase in volume indicates that traders and investors are very interested in the token at its current price range.

This type of activity frequently reflects a tug of war between bulls and bears, with the asset heavily traded.

One of the possible explanations for this substantial increase in volume is the underlying surge in the cryptocurrency market and growing optimism among market participants.

As the crypto space grows in popularity and attracts new participants, many tokens, including popular meme coins like SHIB, naturally see an increase in trades.

At the time of writing, SHIB grew 11% during the past month according to CoinMarketCap data, enjoying a staggering 20% increase in value with today's uptick attributing to more than half of SHIB's weekly gains.

Sources:

https://u.today/shiba-inu-shib-enormous-volume-surge-what-happened

https://coinmarketcap.com/currencies/shiba-inu/