According to statistics examined by CryptoDiffer, the well-known Shiba Inu meme cryptocurrency, SHIB, has unexpectedly risen to take the coveted second place on Binance, the biggest exchange in the world. The token’s explosive ascent coincides with a surge in user interest; currently, 33% of all Shiba Inu token trades across all cryptocurrency platforms take place on Binance, where SHIB’s trading volume is highest.
Based only on the USDT pair, CoinMarketCap data indicates that SHIB has maintained its rank as the eighth largest market on Binance, with a healthy 3% share of the exchange’s enormous $32.13 billion trading volume. The rise in SHIB’s popularity is consistent with its current price trend, which has seen an incredible 133% increase in the last week, with a noteworthy 16% jump at the beginning of this week.
Due to its incredible rise, the Shiba Inu token’s price has reached heights not seen in more than two years, placing SHIB in 11th position among the top cryptocurrency assets in terms of capitalization. The information highlights how user interest on Binance is changing, as SHIB surpasses other well-known cryptocurrency to take the top place in searches.
The native token of the black-and-yellow BNB ecosystem is still, surprisingly, the most popular trending question on Binance, closely followed by SHIB in second place. Furthermore, the rise of Pepe Coin (PEPE) to the third rank and the decline of Bitcoin (BTC) to the fourth rank in user searches demonstrate the changing dynamics in the cryptocurrency market.
As compared to USDT and FDUSD, Bitcoin continues to dominate Binance’s trading volume, making up over 28% of all transactions. However, the emergence of meme tokens like SHIB suggests that investor sentiment is shifting more broadly in favour of alternative digital assets.
