In the past seven days, Shiba Inu's spot trading volume significantly surged across multiple exchanges. This brings a positive outlook for the meme coin ranked second by market capitalization, which had previously been one of the underperformers in this market cycle.

Shiba Inu spot trading activity surged

CoinGlass data shows that in the past seven days, the US dollar spot trading volume of Shiba Inu (SHIB) on the Kraken exchange surged by 154%. During the same period, trading volumes on other major exchanges such as Binance, Bybit, OKX, and Gemini also showed significant increases. This indicates that spot buyers may be stepping in near key support levels to defend SHIB's price amid an overall downturn in the cryptocurrency market.

It is noteworthy that Shiba Inu was one of the cryptocurrencies that saw price increases last week, indicating that bulls may currently dominate. CoinMarketCap data shows that despite the volatile price of Bitcoin, Shiba Inu, ranked second by market capitalization, still rose nearly 7% during this period.

Meanwhile, further data from CoinGlass shows that most leveraged traders are currently betting on a price increase for Shiba Inu, with the long-short ratio currently above 1. However, it is worth noting that derivative trading volume has decreased by over 10%, and open interest has declined by nearly 4%, indicating that the outlook for this meme coin is not optimistic.

In addition to the surge in spot trading volume, another positive factor for Shiba Inu is that the Federal Reserve may cut interest rates again at this week's Federal Open Market Committee (FOMC) meeting. This could inject more liquidity into the cryptocurrency market, benefiting altcoins like SHIB. Meanwhile, Bitcoin is currently trying to hold the psychological level of $90,000, and given their positive correlation, this could pave the way for a price increase of SHIB.

Community announcement on the latest developments of SHIB

On the X forum, Shiba Inu community members, Shibizens, published a post updating the recent progress of SHIB. They pointed out that over 45 billion SHIB have been transferred out of exchanges, indicating that holders are increasing their positions. Shibizens also mentioned a whale transaction worth $35 million, transferring it to a private wallet, suggesting that SHIB's whales are optimistic about it.

Additionally, Coinbase plans to launch Shiba Inu futures for institutional and retail investors on December 12, which is expected to promote the adoption of this network currency. Meanwhile, the New York Stock Exchange Arca has submitted the 19b-4 form for T. Rowe's Shiba Inu ETF, bringing the ETF one step closer to official issuance.

Shibuzens also highlighted the upgrades to the Shibarium network, which are expected to bring significant momentum to SHIB. The upgrades include RPC enhancements and a comprehensive privacy upgrade confirmed to adopt cryptographic technology. These upgrades are planned to be launched next year.

According to data from CoinMarketCap, as of the time of writing, the price of Shiba Inu is approximately $0.000008498, having risen in the past 24 hours.