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Shiba Inu Leads Altcoin Space with Remarkable Trading Volume Surge
Shiba Inu has shown an extraordinary surge in trading volume, experiencing a significant increase of 233%. This meme-influenced cryptocurrency token has emerged as a frontrunner in the Altcoin space, dominating the trading volume charts.
Understanding the Significance of Trading Volume
Trading volume plays a crucial role in the cryptocurrency market, serving as a key metric to assess the total coins and tokens exchanged within a specific timeframe. It provides valuable insights into market liquidity and investor sentiment. Low trading volumes often indicate a lack of market interest or direction, making it essential for investors and analysts to track these metrics to predict price movements and identify market trends.
Kaiko, a prominent data provider, revealed a significant shift in the meme coin hierarchy, with Shiba Inu’s weekly trading volume skyrocketing to $31 billion, surpassing Dogecoin’s $23 billion. SHIB’s trading volume accounted for 38.75% of the $80 billion weekly volume in the meme coin space, outperforming other popular Altcoins like Solana.
Other Meme Coins Making Waves
In addition to Dogecoin and Shiba Inu, other meme coins such as Pepe Coin (PEPE), Dogwifhat (WIF), and BONK have also attracted considerable trading volumes. PEPE and BONK recorded trading volumes of $14 billion and $5 billion, respectively, capturing market shares of 17.5% and 6.25%.
IntoTheBlock’s data indicates that Shiba Inu’s daily trading volume is set to approach $600 million, reflecting a remarkable 200% increase. Dogecoin has also witnessed a substantial trading volume surge, rising by 92% in recent times.
Shiba Inu’s Market Position
Shiba Inu’s current value stands at $0.000032, supported by a daily trading volume of $2,538,976,311. The cryptocurrency holds the 11th position on CoinMarketCap, boasting a market capitalization of $18,751,177,910, with a circulating supply of 589,289,410,813,691 SHIB tokens.
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