Shiba Inu's SHIB Price Up Nearly 10% and Trading Volume Doubles Over Last 24 Hours
The Shiba Inu's SHIB price surged around 10% in the past 24 hours, while Bitcoin remains stuck at around $29,400. This surge makes SHIB one of the hottest cryptocurrencies, raising interest among traders. On Binance, 1000 SHIB are grouped together as one trading unit, symbolized as 1000SHIB.
In the meantime, according to Coinglass, 1000SHIB's trading volume on Binance exchange increased over 100% to $1.32 billion, ranking third behind BTC and ETH, with trading volumes of $4.48 billion and $1.76 billion, respectively.
Additionally, the open interest in Shiba Inu increased over 33% to $101.65 million.
With the upward trend of SHIB token price, the funding rate has turned negative, meaning that short traders will pay fees for longer trading. Funding rates are periodic payments between traders in perpetual contract markets, based on the difference between these markets and spot prices. This alignment prevents lasting price divergence in crypto markets, with platforms like Binance Futures recalculating the rate multiple times daily.
The Long/Short ratio on Binance is 0.8907, indicating an increase in short traders. However, be warned: market makers and manipulators may pump the SHIB price to liquidate short traders.
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