During the meme coin frenzy, Shiba Inu surpasses DOGE and Solana in weekly trade volume.
Shiba Inu (SHIB) has emerged as the leader in the altcoin market, surpassing the weekly trade volume of both Dogecoin (DOGE) and Solana (SOL). This surge in SHIB’s trading activity aligns with the current frenzy surrounding meme coins, as more individuals are flocking to invest in these promising currencies that offer the potential for incredible returns.
According to data from Kaiko, Shiba Inu’s trading volume reached an astounding $31 billion per week, significantly surpassing Dogecoin’s $23 billion during the same period. This exponential increase in SHIB’s trade volume also positioned it as the highest among other major altcoins, including Solana.
The entire meme coin market experienced an unprecedented surge in trading volume, reaching an impressive $80 billion. In addition to SHIB and DOGE, other meme tokens such as Pepe Coin (PEPE), Dogwifhat (WIF), and BONK (BONK) also contributed to this new record in market prices.
While these cryptocurrencies have been on an upward trajectory, both Shiba Inu and Dogecoin have experienced price pullbacks and drops. SHIB’s price declined by 1.81% to $0.00003162, and its trade volume saw a more significant drop of 5.72% to $1.57 billion. Similarly, DOGE witnessed a 2.20% price decrease to $0.1659, with its trade volume falling 2.36% below the daily average of $2.43 billion.
The Shiba Inu community has been actively exploring ways to enhance the SHIB tokens, including the potential launch of a SHIB ETF. Reports suggest that Grayscale Investments is considering a significant investment in SHIB, fueling discussions about the possibility of an ETF launch. This initiative mirrors the optimism surrounding the introduction of Spot Bitcoin ETFs and aims to integrate Shiba Inu into the ETF sphere.
The proposal of a SHIB ETF has garnered significant interest, receiving over 6,000 votes in support. Despite the volatility in SHIB trading, the community remains optimistic about the ETF launch and its potential impact on future price movements. However, it’s important to note that the SHIB ETF is still in the early stages of consideration and its realization hinges on regulatory approval and market conditions.
In conclusion, Shiba Inu continues to dominate the meme coin market, trading more than Dogecoin and Solana among traditional players. This indicates that the crypto community’s interest in meme tokens remains robust. As the proposed SHIB ETF gains momentum, investors are closely monitoring the ever-changing nature of this space, navigating the volatility and seeking opportunities to capitalize on this dynamic environment.