According to CoinGecko data, Shiba Inu (SHIB), the cryptocurrency that began as a joke, has grown to become the fourth most traded cryptocurrency globally.
This accomplishment represents a critical turning point for SHIB, which is still gaining popularity among traders and investors.
Remarkably, SHIB/USDT has emerged as the second most traded cryptocurrency pair on Binance, with only the popular BTC/USDT combination ahead of it.
According to CoinGecko statistics, the red-hot meme coin has made a huge comeback, rising by an astounding 111% in only the last seven days.
Top coins by trading volume
With an astounding $52.8 billion in trades, Tether (USDT) continues to hold the top spot on the trading volume leaderboard. With a huge market value of about $100 billion, it continues to be the stablecoin of choice for cryptocurrency traders despite a number of issues.
Next in terms of trade volume are Bitcoin (BTC) and Ethereum (ETH), with $22.1 billion and $12.7 billion, respectively.
The $5.7 billion trading volume of Shiba Inu (SHIB) is evidence of the company’s growing appeal and investor interest.
It has succeeded in surpassing other renowned cryptocurrencies like Solana (SOL), Dogecoin (DOGE), Bitcoin Cash (BCH), and USDC.
Talk of the town
Based on statistics from LunarCrush, the excitement over Shiba Inus on social media has reached previously unheard-of levels. Social media conversations around SHIB have increased dramatically over the past month by more than 1,520.6%, driven by what has been called “meme season.”
It is important to remember that SHIB is still down 76% from its all-time high despite this euphoria.
Late October 2021 saw the popular meme cryptocurrency hit an all-time high.
