Shiba Inu (SHIB), once dismissed as a playful meme in the world of cryptocurrencies, has swiftly risen to prominence, now claiming the title of the fourth most traded cryptocurrency globally. Recent data from CoinGecko has unveiled SHIB’s remarkable ascent, highlighting its newfound appeal among both investors and traders.
In a stunning turn of events, SHIBUSD has secured the second spot for the most-traded cryptocurrency pair on Binance, falling short only to the formidable BTCUSDT pair. This surge in trading activity has propelled Shiba Inu into the spotlight, with its value soaring by an impressive 111% over the past week, as per CoinGecko’s statistics.
The latest figures on trading volumes underscore SHIB’s surging popularity, with its trading volume reaching a substantial $5.7 billion. This places Shiba Inu ahead of other notable cryptocurrencies such as USDC, Bitcoin Cash (BCH), Dogecoin (DOGEUSD), and Solana (SOLUSD).
At the forefront of the trading volume leaderboard remains Tether (USDTUSD), boasting a staggering $52.8 billion in trades. Despite controversies surrounding it, Tether maintains its dominance as the preferred stablecoin in the crypto sphere, flaunting a colossal market capitalization of approximately $100 billion. Following Tether are the giants Bitcoin (BTCUSD) and Ethereum (ETHUSD), with trading volumes of $22.1 billion and $12.7 billion, respectively.
The meteoric rise of Shiba Inu has sparked a frenzy of social media activity, with discussions surrounding SHIB surging by an astounding 1,520.6% in the past month, according to data from LunarCrush. This surge has been fueled by what enthusiasts are dubbing “meme season,” indicating the widespread appeal and fascination with the playful cryptocurrency.
However, amidst the euphoria surrounding SHIB, it’s crucial to acknowledge that the meme coin is still down 76% from its all-time high, which was reached in late October 2021. This reminder serves as a cautionary note amid the exuberance, signaling the inherent volatility and unpredictability of the cryptocurrency market.
As Shiba Inu continues to captivate the attention of traders and investors worldwide, its journey from meme to market force underscores the evolving landscape of cryptocurrencies, where digital assets once dismissed as jokes can swiftly transform into significant players on the global stage.
| Cryptocurrency | Trading Volume (in billions USD) |
|---|---|
| Tether (USDT) | $52.8 |
| Bitcoin (BTC) | $22.1 |
| Ethereum (ETH) | $12.7 |
| Shiba Inu (SHIB) | $5.7 |