- Shiba Inu trading volume jumped 120% to $360 million while the broader crypto market crashed and lost $830 million in liquidations.
- The LEASH token migration to V2 sparked investor interest, and the upgrade fixes supply issues while adding burn-to-claim features.
- SHIB price dropped 2%, but strong trading activity suggests that the meme coin remains popular despite market turbulence.
Shiba Inu (SHIB) has defied market trends with a remarkable 120% surge in trading volume over the past 24 hours, reaching $360.13 million despite widespread cryptocurrency market turbulence. The meme coin’s volume spike contrasts sharply with the broader market correction that has wiped out $830 million in liquidations.
The trading volume increase comes as SHIB’s price declined 2% to $0.00001233, following the general market downturn. Bitcoin’s sharp correction triggered a cascade of selling pressure across altcoins, yet SHIB’s trading activity remained robust.
LEASH Token Migration Drives Interest
The volume surge coincides with significant developments in the Shiba Inu ecosystem, particularly the LEASH token migration to LEASH V2. The Shibarium team announced the migration addresses critical issues left by the original developer five years ago.
LEASH V2 introduces a fully audited fixed supply model that eliminates minting risks and glitches. The migration features a burn-to-claim mechanism, external audit support, and enhanced cryptocurrency exchange compatibility.
Token burning activities also contributed to trading interest. Shibburn reported 3,743,880 SHIB tokens were burned today, reducing the total supply and potentially increasing demand pressure.
Market Liquidations Hit $830 Million
The broader cryptocurrency market experienced severe volatility following a major Bitcoin whale transaction. An original Bitcoin holder sold 24,000 BTC during late Sunday trading, triggering widespread sell-offs.
Ethereum positions suffered the heaviest liquidations at $295.70 million, followed by Bitcoin at $272.36 million. Other major altcoins, including Solana and Dogecoin, faced significant liquidation pressure, affecting 165,843 traders worldwide.
Source: CoinGlass, Crypto Liquidation
The market correction arrived one day after Federal Reserve Chair Jerome Powell’s Jackson Hole speech, where he hinted at potential interest rate cuts. Powell’s comments initially boosted cryptocurrency prices before the subsequent reversal.
Despite the challenging market environment, Shiba Inu’s sustained trading volume suggests investor interest remains strong. Combining ecosystem improvements through LEASH V2 migration and ongoing token burning initiatives may support continued trading activity.
The meme coin’s resilience during market downturns challenges predictions about the long-term viability of meme-inspired cryptocurrencies. Trading volume performance indicates retail and institutional interest persists despite broader market uncertainty.
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