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Shiba Inu (SHIB), has been exceeding expectations in recent weeks. Not only did it climb into the top ten cryptocurrencies by market capitalization, but a closer look reveals its trading volume quietly surging past established players like Dogecoin, XRP, and Cardano.
Climbing the Charts with High Volume
Data from CMC shows Shiba Inu boasting a daily trading volume of $5.5 billion, placing it just behind Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) – excluding stablecoins. This impressive figure underscores Shiba Inu’s position as one of the most actively traded cryptocurrencies, especially during periods of strong market performance.
While Solana’s volume sits at a healthy $138 billion, bolstered by a recent price surge, Shiba Inu remains remarkably close despite a 14% dip in the last 24 hours. Even more noteworthy is how Shiba Inu significantly outpaces other major altcoins ranked higher in market capitalization. Binance Coin (BNB), XRP, Cardano (ADA), and even its predecessor, Dogecoin (DOGE), all fall short of SHIB’s impressive trading volume.
The true picture might be even brighter for Shiba Inu.
CoinMarketCap’s data excludes popular trading platform Robinhood, where SHIB is the third-largest holding among its 22 million users. Robinhood has also seen significant movement of SHIB lately, hinting at substantial trading activity on the platform. Factoring in this additional volume could potentially push Shiba Inu’s numbers beyond Solana and potentially even closer to Ethereum.
This unexpected surge in trading activity highlights Shiba Inu’s growing popularity and potential for continued growth. While the future remains uncertain, one thing is clear: Shiba Inu is no longer just a meme coin – it’s a force to be reckoned with in the ever-evolving cryptocurrency landscape.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
