Shiba Inu (SHIB), initially conceived as a meme cryptocurrency, has now secured its position as the fourth most traded digital asset globally, as reported by CoinGecko. This noteworthy accomplishment underscores the growing popularity of SHIB among both investors and traders.
Particularly noteworthy is the emergence of SHIB/USDT as the second most traded cryptocurrency pair on Binance, trailing only behind the dominant BTC/USDT pair.
The meme coin, known for its recent surge, has experienced an impressive comeback, registering a remarkable 111% increase in value over the past seven days, as indicated by data from CoinGecko.
Cryptocurrencies with the highest trading volume
At the forefront of the current trading volume rankings is Tether (USDT), maintaining its dominance with an impressive $52.8 billion in trades. Despite facing various controversies, it continues to be the favored stablecoin among cryptocurrency traders, boasting a substantial market capitalization of approximately $100 billion.
Following closely are Bitcoin (BTC) and Ethereum (ETH), with trading volumes of $22.1 billion and $12.7 billion, respectively.
Shiba Inu (SHIB) has surged in popularity, evidenced by its trading volume of $5.7 billion, surpassing other notable cryptocurrencies such as USDC, Bitcoin Cash (BCH), Dogecoin (DOGE), and Solana (SOL). This highlights the increasing interest from investors in SHIB.
Hot topic in discussion
The chatter about Shiba Inu on social media has surged to unprecedented heights, as indicated by data from LunarCrush. In the past month alone, social interactions related to SHIB have soared by an impressive 1,520.6%, driven by the phenomenon known as “meme season.”
Yet, amid this heightened enthusiasm, it’s crucial to acknowledge that SHIB is still down by 76% from its peak, which it achieved in late October 2021.