Shiba Inu Volume Suddenly up 26,691% on Kraken, Here's Likely Reason

Shiba Inu has seen a sudden hourly volume surge on Kraken, rising +26,691.75%. According to CoinGlass data, the SHIBUSDT spot trading pair on Kraken saw a 26,691% volume surge in the last hour to come in at $58,690.

While the reason for the spike remains unknown, there are a few likely reasons. A surge in trading volume most often reflects traders' positioning.

Shiba Inu has seen a price surge in recent hours, posting a large "marubozu candle" at one point on its hourly chart, which took its price from $0.00001186 to $0.00001223.

The Marubozu candlestick pattern represents one that has no shadows, indicating high market pressure. It indicates that the price traded in one strong direction.

A green marubozu candlestick in the case of Shiba Inu suggests strong buying pressure accompanied by a major increase in trading volumes.

In the last 24 hours, Shiba Inu's total spot trading volume has increased to $206.09 million, according to CoinMarketCap data.

12,733,930,024 $SHIB shorts liquidated in positive October start

At press time, $SHIB was up 4.9% in the last 24 hours to $0.00001231, marking a positive start to October.

Shiba Inu fell for two straight days at September's close to hit a low of $0.00001155 on Sept. 30. The first day of October saw a significant $SHIB price rise from $0.00001176 to $0.00001236. The price move caught shorts or traders betting on a further $SHIB price drop unawares, leading to significant short liquidation.

According to CoinGlass data, 12,733,930,024 $SHIB short positions have been liquidated in the last 24 hours. This accounts for the majority, or $156,500 out of the total liquidation figure of $173,210, in the past day.