Shiba Inu takes the lead in altcoin trading volume surge

Apart from experiencing an extreme increase of 233%, Shiba Inu is certainly the leader of the Altcoin brigade regarding trading volume.

Meme-influenced cryptocurrency tokens have recently seen an encouraging surge, with the weekly volume of trading reaching $80 billion.

Trading volume, which is an essential measuring tool for gauging the total coins and tokens traded within a specific period, acts as a measurement related to the cryptocurrency space and for liquidity.

Less trading volumes speak of a fading inclination or a tractionless market scenario. The measurement tool is essential for investors and analysts to predict prices and understand market patterns.

Kaiko’s data spoke of a major transformation in the meme coin ladder, highlighting that SHIB’s weekly trading volume of $31 billion went way over Dogecoin’s $23 billion.

SHIB’s trading volume indicates a share of 38.75% from the weekly stack of $80 billion in the meme coin space. Dogecoin’s share was 28.7%. SHIB has also beaten Solana and other large-cap Altcoins. Besides Dogecoin (DOGE) and SHIB, there are some more meme coins like Pepe Coin (PEPE), Dogwifhat (WIF), and BONK (BONK).

PEPE and Solana-oriented BONK have listed high trading volumes reaching $14 billion and $5 billion, respectively. This speaks of a 17.5% and 6.25% market share.

IntoTheBlock has divulged that SHIB’s collective daily volume will nearly touch the $600 million mark, speaking of a 200% increase. In the case of Dogecoin, there has been a rise of 92%.

Shibu Inu’s value is currently $0.000032, supported by a day’s trading volume of $2,538,976,311. SHIB holds the 11th position in cryptocurrency on CoinMarketCap and has a market capitalization of $18,751,177,910, the circulating amount being 589,289,410,813,691 SHIB.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button