- SHIB’s trading volume reaches $13.5 billion, surpassing major cryptocurrencies like XRP and Solana.
- Concerns emerge about SHIB’s ability to sustain its newfound market dominance.
In a remarkable turn of events, the cryptocurrency market has witnessed a new contender rise to prominence. Shiba Inu (SHIB), the meme-inspired token, has astonishingly outperformed industry giants such as XRP and Solana in terms of trading volume.
Shytoshi Kusama, the enigmatic figurehead behind the SHIB token, took to social media platforms to herald this unprecedented achievement.
In a previous ETHNews report, Kusama had revealed endorsement from Robert F. Kennedy, Jr. which was one of the factors driving buying interest in this meme token, raising its price by more than 20% at that time.
Surge in SHIB Trading Volume
According to the latest data from CoinMarketCap, Shiba Inu’s trading volume soared to an impressive $13.5 billion in the last 24 hours. This surge not only propelled SHIB ahead of its competition but also eclipsed the combined trading volumes of XRP, BNB, and Solana, which cumulatively amounted to approximately $12 billion during the same timeframe.
TODAY #SHIB has more volume today than Bnb, Solana, and XRP COMBINED… by over a BILLION DOLLARS. pic.twitter.com/YJVxs6z90m
— Shytoshi Kusama™ (@ShytoshiKusama) March 5, 2024
This significant milestone highlights the growing interest and investor confidence in SHIB, marking a 237% increase in trading activity.
The trading volume spike was accompanied by a jaw-dropping 380% surge in SHIB’s price over the past week. This dramatic price rally has brought a new wave of attention to SHIB, underscoring its potential as a serious player in the cryptocurrency market.
Currently ranked fifth in terms of trading volume among all cryptocurrencies, SHIB’s ascent is a testament to its burgeoning popularity and market acceptance. To explore this development in more depth, you can watch the YouTube video below.
Sustainability Concerns
However, amidst the celebration of this momentous achievement, questions arise regarding the sustainability of SHIB’s market dominance. Unlike established tokens such as BNB, Solana, and XRP, which have consistently maintained high trading volumes, SHIB’s current success ventures into relatively uncharted territory.
The crypto community is now keenly observing whether SHIB can maintain its momentum and establish a lasting presence in the highly competitive and volatile cryptocurrency landscape.
At the time of writing, the price of SHIB has risen 49.70% in the last 24 hours, reaching a price of $0.00003971. This represents an amazing increase of 281.30% over the past 7 days.