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Shiba Inu (CRYPTO: SHIB) price has seen fresh gains this week as trading volume spiked.

What Happened: Meme coin giant Shiba Inu saw some gains this week as traders remain interested in the token. Shiba Inu is down 30.04% over the last 30 days and trades at $0.0001511 at the time of writing.

Trading volume spiked to $328.9 million over the last 24 hours, according to data from CoinMarketCap. For perspective, the average 24-hour volume is $114.33 million.

Shiba Inu is up 2.88% in the last seven days and remains down 86.43% year-to-date.

Shiba Inu saw a triple-digit percentage gain in August as the token rebounded from lows. The token is known for its volatility and has seen triple-digit gains in short periods of time.

Shiba Inu is also one of the most popular tokens on social media and has a strong community that follows the token closely.

Shiba Inu Set for Breakout as Analyst Highlights Key Resistance Level

One analyst at The Chart Guys highlighted Shiba Inu on Thursday. The analyst said that Shiba Inu could be setting up for a breakout if it can break above a key resistance level.

“Shiba Inu is showing some strength again today as we push back up to test the 200 SMA on the 4-hour chart, which is also an area that we've seen some resistance at before.”

The analyst said that if Shiba Inu can break above the 200 SMA on the 4-hour chart and hold above it, then it could open the door for further gains of around 300%.

“We'll be watching closely to see if Shiba Inu can break out of this zone and continue its move higher. If it can, then we could see a nice move in the making.”

Shiba Inu is known for its volatility, so any gains or losses should be viewed in the context of the broader market trends.

Related Link: If You Had Invested $1,000 In Shiba Inu When It Hit 1 Cent In 2021, Here's How Much You Would Have Now

Why It's Important: Shiba Inu is one of the most popular meme coins and is often mentioned alongside Dogecoin (CRYPTO: DOGE).

Meme coins have seen a resurgence in popularity in 2023, with tokens like Pepe (CRYPTO: PEPE) also gaining attention.

Despite being created as a joke token, Shiba Inu has managed to build a strong community and gain recognition within the cryptocurrency market.

Shiba Inu is also one of the most traded tokens on decentralized exchanges. The large trading volume in the token could attract risk-tolerant investors looking to capitalize on short-term price swings.