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SHIB dwarfs XRP, DOGE, Solana in trading volume as price surges by 70%

SHIB eclipses Ethereum's 24-hour trading volume following period of high volatility
Jordan
Major
2 months ago
4 mins read

Shiba Inu (SHIB), the decentralized meme token, has surged over 70% in a day and up more than 220% in a week.

With a market capitalization of $9.3 billion, the digital asset is now ranked among the top 20 cryptocurrencies in terms of market cap, according to the latest CoinMarketCap.com statistics.

Whatsmore, the meme token is now the fourth most-traded asset surpassing Dogecoin (DOGE), XRP, and Solana (SOL) in trading volume, with over $14 billion traded in the last 24 hours.

Top 10 crypto assets by 24-hour trading volume. Source: CoinMarketCap.com

Currently, the token competitor to DOGE, which has a Shiba Inu as its mascot, is now trading at $0.00000221, up 69.18% in 24 hours and 214.75% in the last week.

Shib Inu 7-day price chart. Source: CoinMarketCap.com

Shib Inu to list on another exchange

Recently it was announced that SHIB would be listed on WhiteBIT exchange on October 7.

In fact, when crypto broker Coinbase announced last month that SHIB is accessible to customers for the first time via the company’s mobile apps for iOS and Android, respectively. 

The Shiba Inu community welcomed Coinbase’s decision by propelling the cryptocurrency up more than 31.9% in 24 hours.

Indeed, Shiba Inu was added to Coinbase on September 16, making the cryptocurrency more accessible to the millions of cryptocurrency traders who use the exchange. Previously traders had to trade the coin via Uniswap or a similar site, which was more difficult for novice crypto investors to learn how to utilize. 

Retail demand

Notably, over the past 24 hours, the hashtag #SHIB has appeared numerous times in the top ten most popular tweets on Twitter, and the increasing number of searches is causing the price of the currency to climb. 

Shiba Inu finds itself in a similar position to DOGE; if the coin continues to acquire popularity and attention from retail cryptocurrency traders, it will potentially continue to be added to crypto trading platforms

As a result of the attention, it’s rumored that when Robinhood launches its official cryptocurrency wallets, it is expected to feature Shiba Inu, as, interestingly, about 62% of crypto revenue came from transactions around meme-inspired coin Dogecoin. 

If you combine an increase in search interest, social media trends, and the inclusion of the Shiba Inu to Robinhood, the coin’s value may likely continue to surge as many people question whether Shiba Inu will reach 1 cent.

Social media trends

Although there are projects centered on SHIB tokens, such as the incubator for non-fungible token (NFT) art and the newly launched ShibaSwap decentralized exchange, the asset has seen most of its price gains come from its popularity online as a meme coin.

For instance, it is similar to DOGE in the fact that it was spurred on by Tesla (NASDAQ: TSLA) CEO Elon Musk, who may have also bolstered the price of SHIB tweets with his new Shiba Inu Puppy named ‘Floki’ keeping the coin in the mainstream crypto space.

Furthermore, the Shiba Inu team is well-known for donating a significant part of the SHIB supply to Vitalik Buterin, which the Ethereum co-founder subsequently gave to a charity organization after receiving it. Ultimately, Buterin’s SHIB donation to India was converted into $76.2 million in stablecoins on September 24.

Whales accumulate

Its worth mention that with exchanges continuing to list the token and rumors of other large platforms such as Robinhood rumored to list whales have seen this as an opportunity to accumulate. On Thursday September 30, it was announced a SHIB whale bought over 6 trillion (6,178,758,122,373) SHIB (or $43,838,916). 

Finally, on Saturday, October 2, the same whale bought 116 billion coins, then 159 billion coins, and ultimately 1 billion SHIB coins, all within a few hours of one another on the same day, purchasing a total of 276 billion SHIB.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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