As the SpaceX IPO halts large-cap crypto, Shiba Inu (SHIB) futures volume defies the freeze with a 60% surge to $140 million.
As the SpaceX IPO halts large-cap crypto, Shiba Inu futures volume defies the freeze with a 60% surge to $140 million. Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today.
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A rare market phenomenon is unfolding across global financial markets today, as traditional exchanges are completely absorbed by the opening of SpaceX stock trading, while crypto traders have unexpectedly found a boiling point in, the daily trading volume of SHIB futures suddenly jumped by 60.10%, surpassing $140.09 million amid a total shortage of attention to the rest of the altcoin market. The massive IPO of SpaceX on Nasdaq has effectively paralyzed trading activity in the large-cap crypto sector, as the first price indications at the opening window came in at $175 per share—an instant 30% jump from the offering price.
Dogecoin , Shiba Inu , Toncoin , and Ethereum Price Analysis For June 12: Getting Back in Bull MarketThe order book attracted $350 billion in demand, while the tokenized version of SpaceX on digital platforms recorded an abnormal 576.34% increase in trading volume.and Ethereum fell into a deep sleep, showing a 10%-15% decline in trading volumes, while activity in Solana dropped by almost 23%. In an environment where almost all market liquidity was pulled toward the SpaceX debut, the futures boom in Shiba Inu became a standalone event inside the crypto market.
On the spot market, the token is pushing its price to $0.000004878 with a 24-hour gain of 2.59%, while open interest in futures is fixed at $36.30 million, maintaining a daily increase of 10.32%. The SHIB price chart may partly explain this anomaly, as the coin is trying to map out a macro move and find a local bottom after a prolonged decline toward the $0.00000430 level.
A sudden wave of buyers hasSince the token burn rate inside the network has dropped by 72%, the current 60% explosion in volume has an exclusively speculative nature. Large players are massively opening leveraged contracts in search of a sharp technical rebound toward the nearest moving average resistance barriers. Unchained Summit and VIFC Da Nang Convene Strategic Dialogue on Positioning Da Nang as Southeast Asia's Next Digital Finance Hub
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