Shiba Inu Trading Volume Soars by 200% Amidst Dominant Bullish Trend
Shiba Inu (SHIB), the second-largest memecoin based on market capitalization, continues to gain attention as its trading volume experiences a significant surge of 200% in the past 24 hours, surpassing $2.23 billion.
Various factors have contributed to SHIB’s recent surge. One notable factor is the token’s introduction on multiple cryptocurrency exchanges. Recently, the Australian exchange Bitcoin.com.au added Shiba Inu to its platform, making it available to a wider audience. As part of a promotional campaign, the exchange also offered a giveaway package of $100 worth of SHIB to participants who completed a simple task.
The increasing popularity of Shiba Inu among users has also played a role in its recent surge. In fact, SHIB was ranked as the second most searched cryptocurrency in Europe, second only to Bitcoin (BTC). Google Trends data also revealed growing user interest in countries such as the Netherlands, Nigeria, Pakistan, Estonia, and Slovenia.
The significant trading volume of over $2.23 billion has positively impacted SHIB’s market capitalization and price metrics. With a market cap increase of over 12% to $18.42 billion, SHIB now holds the 12th position among the largest cryptocurrencies, surpassing well-known cryptocurrencies like Toncoin (TON) and Polkadot (DOT).
However, SHIB still remains behind its main competitor in the memecoin space, Dogecoin (DOGE), which holds the title of the largest memecoin based on market capitalization. With a market cap of $26.4 billion, DOGE currently ranks as the 9th largest cryptocurrency. It’s worth noting that Shiba Inu was once on the verge of surpassing Dogecoin to become the leading memecoin.
Despite the significant milestones achieved by the Shiba Inu ecosystem, the native token has yet to make a substantial leap towards the $1 mark. Currently, the token is trading at $0.0000309, reflecting an 11.8% increase in the past 24 hours.
Earlier this month, a prominent cryptocurrency influencer predicted that SHIB could reach a trading price of $0.0001 during the ongoing bull run.
Tags:
Memecoins
Shiba Inu (SHIB)
