Shiba Inu futures volume surged to $2.72 billion before dropping 90%, mirroring short-lived speculation across meme coins.
Shiba Inu (SHIB), one of the most widely recognized meme-inspired cryptocurrencies, is currently trading within a narrow range, indicating a period of price consolidation.
At press time, SHIB’s value stands at $0.00001622, reflecting a 2.58% increase over the past 24 hours. However, market data suggests that recent futures volume spikes were driven by short-term speculation rather than sustained interest.
Shiba Inu Futures Volume Peaks and Collapses
On-chain data from Glassnode highlights a sharp yet brief increase in SHIB futures volume, which quickly diminished. At its peak, SHIB futures volume reached $2.72 billion, reflecting intense market speculation. Notably, this peak volume occurred between November and December 2024.
However, this momentum did not last, as volume collapsed to $0.28 billion as of present, marking a steep 90% decline. This rapid fluctuation indicates that the rally was primarily fueled by short-term traders rather than long-term holders or sustained demand.
The volatility in SHIB’s futures market coincided with broader activity in the meme coin sector. Other major meme tokens, including Dogecoin (DOGE), Dogwifhat (WIF), PEPE, and BONK, exhibited similar trends, with futures volume surging before experiencing sharp declines.
Glassnode chart showing Shiba Inu and other meme coin future volume data
Broader Meme Coin Market
DOGE, the dominant player in the meme coin space, recorded the highest futures volume among its peers. At its peak, DOGE futures volume reached $20.0 billion before dropping 85% to $3.0 billion.
Similarly, WIF saw strong interest, peaking at $2.87 billion before falling to $0.90 billion, reflecting a 69% decline.
PEPE futures volume also declined, dropping from $7.37 billion to $1.59 billion, marking a 78% decrease. BONK experienced the most extreme drop, with futures volume plunging from $1.99 billion to $0.16 billion, a 92% decline.
These patterns suggest that speculation played a key role in driving up futures volume across the meme coin sector.
Blue-Chip Cryptos Maintain Stronger Demand
A comparison of meme coins with blue-chip cryptocurrencies highlights a stark contrast in market behavior. Bitcoin (BTC) and Ethereum (ETH) experienced moderate pullbacks but maintained strong demand over an extended period.
BTC futures volume declined from $98.4 billion to $54.4 billion, a 45% decrease, while ETH futures volume dropped from $43.4 billion to $36.2 billion, marking a 17% decline.
Solana (SOL) futures volume also saw a substantial drop, falling from $14.7 billion to $7.9 billion, a 47% decrease.
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