Record Memecoin Trading Week Sees Shiba Inu Surpass Solana and Dogecoin
Shiba Inu (SHIB) has emerged as the frontrunner in the altcoins market, surpassing both Dogecoin (DOGE) and Solana (SOL) in terms of weekly trading volume. This surge in SHIB’s trading activity is in line with the ongoing frenzy surrounding meme coins, attracting more investors who are hoping for impressive returns.
According to data from Kaiko, SHIB’s trading volume has reached a staggering $31 billion per week, overshadowing Dogecoin’s $23 billion during the same period. This significant increase in SHIB’s trade volume positions it ahead of other major altcoins, including Solana.
The entire meme coin market has experienced an astonishing surge in trading volume, reaching a remarkable $80 billion. Alongside SHIB and DOGE, other meme tokens like Pepe Coin (PEPE), Dogwifhat (WIF), and BONK (BONK) have contributed to this surge, driving market prices to new highs. Collectively, these cryptocurrencies have propelled the overall trade volume to record levels.
Despite the bullish trend, both Shiba Inu and Dogecoin have witnessed noticeable pullbacks in their prices. SHIB’s price has declined by 1.81% to $0.00003162, with trade volume dropping by 5.72% to $1.57 billion. Similarly, DOGE has experienced a 2.20% drop in price to $0.1659, with trade volume decreasing by 2.36% compared to the daily average of $2.43 billion.
The Shiba Inu community is actively exploring ways to enhance the SHIB tokens, with a particular focus on the potential launch of a SHIB ETF. There are reports suggesting that Grayscale Investments is considering a significant investment in SHIB, sparking discussions about the potential introduction of an ETF. This initiative mirrors the optimism surrounding Spot Bitcoin ETFs and aims to integrate Shiba Inu into the ETF sphere.
The proposal for a SHIB ETF has garnered significant interest, accumulating over 6,000 votes in support. Despite the volatility in SHIB trading, the community remains optimistic about the ETF’s launch and its potential impact on future price movements. However, it is crucial to note that the SHIB ETF is still in its early stages and is subject to regulatory approval and market conditions.
With Shiba Inu leading the way, meme coins continue to dominate the market, outperforming traditional players like Dogecoin and Solana. This highlights the sustained interest of the crypto community in meme tokens.
As the SHIB ETF proposal gains momentum, it raises the question of whether Shiba Inu will skyrocket to new heights or if it poses a risky investment. What are your thoughts on the SHIB ETF proposal?