SHIB Rockets to the Moon with a 200% Surge in Trading Volume in 24 Hours
Shiba Inu, the second-largest memecoin based on market capitalization, continues to steal the spotlight as it experiences a massive surge in user engagement. The latest data confirms that the memecoin project has witnessed a staggering trading volume of over $2.23 billion, marking a remarkable 200% increase in just 24 hours.
Source:
CoinMarketCap
What Drives SHIB’s Astronomical Rise?
Numerous factors have contributed to SHIB’s recent surge. One of them is the token’s listing on several cryptocurrency exchanges. Just yesterday, the Australian crypto exchange Bitcoin.com.au added Shiba Inu to its platform, making it more accessible to Australian investors. As part of a promotional campaign, the crypto trading platform even offered a giveaway package of $100 worth of SHIB to participants who completed a simple exercise.
The growing popularity of Shiba Inu among users has significantly contributed to its recent surge. Just hours ago, SHIB ranked as the second most searched cryptocurrency in Europe, second only to Bitcoin (BTC). Google Trends data also revealed a growing user interest in countries such as the Netherlands, Nigeria, Pakistan, Estonia, and Slovenia.
SHIB’s impressive trading volume of over $2.23 billion has had a positive impact on its market capitalization and price metrics. The memecoin’s market cap has increased by over 12% to reach $18.42 billion, securing its position as the 12th largest cryptocurrency. This puts the dog-themed memecoin ahead of popular cryptocurrencies like Toncoin (TON) and Polkadot (DOT).
However, SHIB still trails behind its rival memecoin project, Dogecoin (DOGE), which holds the title of the largest memecoin based on market capitalization. With a market cap of $26.4 billion, DOGE currently ranks as the 9th largest cryptocurrency. It’s worth noting that Shiba Inu was once on the verge of surpassing Dogecoin to become the leading memecoin.
SHIB’s Price Performance
Despite the remarkable achievements within the Shiba Inu ecosystem, the native token of the project has yet to make a significant jump towards the $1 mark. As of now, the token is trading at $0.0000309, marking an 11.8% increase in the past 24 hours.
Earlier this month, a prominent crypto influencer made a prediction that SHIB would surge to a trading price of $0.0001 during the ongoing bull run.
Tags:
Memecoins
Shiba Inu (SHIB)
