SHIB Reverses dogecoin and solana in Weekly Trading Volume
Shiba Inu (SHIB) has garnered significant demand, surpassing both Dogecoin (DOGE) and Solana (SOL) in weekly trading volume. In the meme coin market, Dogecoin is the market leader, but shiba inu surpassed DOGE in weekly trading volume last week.
Shiba Inu Weekly Trading Volume Exceeds Dogecoin
With a staggering $31 billion trading volume last week, SHIB surpassed DOGE, which recorded $23 billion trading volume, according to Kaiko data. Additionally, Shiba Inu surpassed Solana’s weekly trading volume among other major altcoins. This increase in trading volume reflects the growing interest in meme tokens and their massive gains in recent weeks.
Source: Kaiko
Moreover, the entire meme coin market had a massive trading volume of $80 billion. Besides DOGE and SHIB, contributors include pepe Coin (PEPE), Dogwifhat (WIF) and bonk (BONK). Moreover, all these meme coins witnessed a parabolic rise last week and increased their trading volume as well.
However, since meme cryptocurrencies are inherently subject to extreme volatility. Therefore, the Shiba Inu price has experienced a significant decline. As of press time, the SHIB price is down 1.81% to $0.00003162 on Wednesday, March 13. Market cap was $18.61 billion, while strong trading volume fell 5.72% to $1.57 billion.
On the other hand, DOGE experienced a higher decline. At the time of writing this news, Dogecoin price dropped by 2.20% to $0.1659 and its market capitalization was $23.80 billion. Additionally, DOGE trading volume decreased by 2.36% in the last 24 hours to $2.43 billion.
Also Read: Shiba Inu Marketing Leader Praises KNINE Launch, Here’s Why
Will SHIB ETF Open?
Recent developments within the Shiba Inu community are noteworthy because they continue to focus on improving the tokenomics of the Shiba Inu. One notable development is the growing support for a potential SHIB ETF, which has attracted the attention of crypto enthusiasts around the world.
Grayscale Investments is reportedly considering a significant investment in Shiba Inu, prompting the community to push for the launch of a SHIB ETF. This move reflects the optimism seen with the launch of Spot Bitcoin ETFs. Additionally, the aim is to introduce an exchange-traded fund that will allow the Shiba Inu to enter the world of ETFs, as highlighted in The Shib magazine.
With over 6,000 votes in favor of the SHIB ETF petition, the community is quite optimistic about its potential launch. However, despite the excitement around the possibility of a SHIB ETF, the Shiba Inu experienced notable volatility in trading today.
This volatility has led to speculation about potential future price increases due to the community’s ongoing efforts and the possibility of the SHIB ETF. However, it is important to note that while the petition has gained worldwide attention, the SHIB ETF is still in the early stages of voting.
Also Read: $50 Million Owner of Shiba Inu (SHIB) Gives $888 Thousand Gift for New Bugatti
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