Aside from its remarkable 233% surge, Shiba Inu is unquestionably the front-runner in the Altcoin field in terms of trade volume. The weekly trading volume of tokens influenced by memes has reached $80 billion, which is an encouraging increase.
Trading volume is a crucial metric for assessing the total amount of coins and tokens exchanged over a certain time frame. It serves as a gauge for liquidity in the cryptocurrency market. Reduced trade volumes indicate a faltering trend or a non-viable market situation. To forecast prices and comprehend market trends, analysts and investors need to have access to this measurement instrument.
Kaiko’s data indicated a significant shift in the meme coin ladder, showing that SHIB‘s $31 billion weekly trading volume significantly outpaced Dogecoin’s $23 billion.
According to SHIB’s trading volume, 38.75% of the weekly stack of $80 billion in meme coin space is held by the cryptocurrency. The percentage of Dogecoin was 28.7%. Additionally, SHIB has defeated other large-cap altcoins like Solana. Memes like Pepe Coin (PEPE), Dogwifhat (WIF), and BONK (BONK) exist in addition to Dogecoin (DOGE) and SHIB.
BONK, which is based in Solana, and PEPE have both reported significant trade volumes of $5 billion and $14 billion, respectively. A 17.5% and 6.25% market share are mentioned here.
SHIB’s total daily volume is expected to approach $600 million, according to IntoTheBlock, indicating a 200% growth. Regarding Dogecoin, there has been a 92% increase.
The value of Shibu Inu is currently $0.000032, underpinned by $2,538,976,311 in trading volume for the day. SHIB is ranked 11th among cryptocurrencies on CoinMarketCap, with a market valuation of $18,751,177,910; there are 589,289,410,813,691 SHIB in circulation.
