SHIB Leads The Pack, Tops Trading Volume Among Major Altcoins

March 14, 2024

Aside from witnessing an astonishing surge of about 233% in the past 30 days, Shiba Inu has taken the lead and climbed to the top in trading volume, besting large market-cap altcoins as weekly trade volume reached a multi-year peak last week.

Meme-inspired cryptocurrency tokens have seen remarkable growth in recent weeks with their weekly trading volume soaring to $80 billion—a level of valuation that hasn’t been witnessed in years, data from data analytic firm Kaiko showed.

Trading volume—a critical metric measuring the total coins or tokens traded within a specified timeframe, usually 24 hours—serves as a gauge for a cryptocurrency’s market activity and liquidity. A high trading volume indicates vigorous market participation, suggesting ease of trading and a healthy equilibrium between supply and demand. 

Conversely, low trading volumes may signal dwindling interest or a stagnant market, potentially complicating transactions at desired price points. This metric is indispensable for investors and analysts alike, aiding in the assessment of market strength, forecasting price movements, and discerning trading trends or patterns.

Data from Kaiko’s report underscored a pivotal change in the meme coin hierarchy, illustrating that SHIB’s one-week trading volume of $31 billion did more than just surpass, it significantly eclipsed, that of Dogecoin (DOGE), the meme coin market leader by market capitalization. With DOGE recording a volume of $23 billion, SHIB outshone it by a staggering $8 billion margin.

SHIB’s trading volume has been particularly striking, accounting for 38.75% of the total $80 billion weekly trading volume in the meme coin sector. In contrast, Dogecoin represented 28.7% of the total weekly trading volume.

Beyond its notable victory over Dogecoin, SHIB has outpaced the weekly trading volumes of Solana and other key large-cap altcoins, marking a significant stride in its market position. Alongside DOGE and SHIB, other contributors to this vibrant trading activity included meme coins such as Pepe Coin (PEPE), Dogwifhat (WIF), and BONK (BONK).

Notably, PEPE and the Solana-based BONK have themselves registered remarkable trading volumes of $14 billion and $5 billion, representing 17.5% and 6.25%, respectively, Kaiko’s analysis highlighted.

Data from data science and financial services platform IntoTheBlock revealed that SHIB’s aggregated daily volume is on the brink of reaching the $600 million milestone, marking a 200% surge from the figures recorded Monday. Meanwhile, Dogecoin has experienced a more modest growth, with an increase of approximately 92%. 

As of 12:25 p.m. ET on Thursday, Shiba Inu’s price stands at $0.000032, backed by a robust 24-hour trading volume of $2,538,976,311. Experiencing a slight uptick of 0.08% in the last 24 hours, SHIB now ranks as the 11th top cryptocurrency on CoinMarketCap, with a market capitalization of $18,751,177,910 and a circulating supply of 589,289,410,812,691 SHIB, based on the latest data from CoinMarketCap.

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