Shiba Inu (SHIB), the popular meme token, has experienced a surge in trading activity over the past 24 hours, igniting speculation of a potential bull run in July. This upswing coincides with the historical performance of SHIB, which has traditionally seen positive gains during this month.
Trading Volume Soars
According to CoinGlass data, SHIB derivatives trading volume experienced a staggering 146% increase within a 24-hour period. Perpetual futures contracts, specifically SHIB1000 futures, witnessed a turnover exceeding $40 million. When considering all SHIB derivatives, the total volume surges past $200 million.
Spot markets haven’t been left behind either. CoinMarketCap data reveals a 50% growth in SHIB spot trading volume, reaching over $191 million in the last 24 hours. This combined surge in both derivatives and spot markets paints a picture of heightened interest and activity surrounding Shiba Inu.
July: Historically Bullish for SHIB
The current trading surge appears to be fueled not only by market sentiment but also by historical trends. Data from CryptoRank indicates that July has consistently been a favorable month for SHIB. The token boasts a median ROI (Return on Investment) of 5.3% for July, and for the past two years, it has closed the month with double-digit percentage gains.
This historical bullishness for SHIB in July could be a significant factor influencing the current market enthusiasm. With July just beginning, some investors are likely positioning themselves to capitalize on these past trends.
Can the Momentum Hold?
The significant increase in trading volume underscores the ongoing interest in Shiba Inu. Investors are closely watching to see if SHIB can sustain this momentum and deliver the anticipated gains based on historical performance. However, it’s crucial to remember that past performance is not always indicative of future results.
The Road Ahead
The coming weeks will be crucial for SHIB. The meme token needs to maintain its current momentum to translate the trading volume surge into actual price increases. Investors are eagerly awaiting to see if SHIB can recapture its past July glory and deliver positive returns.
