Shiba Inu Surges Past $50 Million Daily Volume Barrier

Shiba Inu's (SHIB) trading volume has surpassed $50 million on a single exchange, coinciding with a significant price increase and heightened on-chain activity.

The token momentarily broke through the $0.000006 level but has since retreated to around $0.00000594, still up more than 10% from its previous range.

Analysts point out that this surge in volume is particularly noteworthy as it coincides with a technically important move - SHIB's decline in long-term moving averages at $0.00000560 has finally been broken, one of the largest daily volume bars since August accompanying the recent breakout.

Data from on-chain exchanges reveals an equally dynamic picture, with total exchange inflows increasing by 3.25% and outflows rising significantly more quickly at 8.4%. However, net outflows remain high, with approximately -51.7 billion SHIB leaving tracked exchanges over the measurement period.