Shiba Inu (SHIB) Becomes Fourth Most Traded Cryptocurrency

Shiba Inu (SHIB), originally conceived as a meme cryptocurrency, has achieved the distinction of becoming the fourth most traded cryptocurrency globally, as reported by CoinGecko data. This development reflects a significant milestone for SHIB, signaling its growing popularity among investors and traders.

Notably, the SHIB/USDT trading pair has secured the position of the second most-traded cryptocurrency pair on Binance, trailing only behind the dominant BTC/USDT pair. In the past seven days alone, Shiba Inu has demonstrated a remarkable comeback, witnessing a substantial surge of 111%, according to CoinGecko data.

Top Coins by Trading Volume

The current trading volume leaderboard features Tether (USDT) maintaining its top position with an impressive $52.8 billion in trades. Despite facing controversies, Tether remains the preferred stablecoin for cryptocurrency traders, boasting a massive market capitalization of approximately $100 billion. Following Tether, Bitcoin (BTC) and Ethereum (ETH) occupy the second and third positions, with $22.1 billion and $12.7 billion in trading volume, respectively.

Shiba Inu (SHIB) has secured a trading volume of $5.7 billion, a testament to its surging popularity and increasing investor interest. It has surpassed other notable cryptocurrencies such as USDC, Bitcoin Cash (BCH), Dogecoin (DOGE), and Solana (SOL).

Talk of the Town

Social media discussions and buzz surrounding Shiba Inu have reached unprecedented levels, with data from LunarCrush indicating a surge of over 1,520.6% in social interactions concerning SHIB over the last month. This surge has been attributed to what is being referred to as the “meme season.”

However, amid the enthusiastic atmosphere, it is crucial to note that SHIB is still down by 76% from its all-time high. The popular meme cryptocurrency reached its peak in late October 2021.

This remarkable ascent in trading volume and social media interactions underlines Shiba Inu’s current standing in the cryptocurrency market, even as investors remain mindful of its historical price fluctuations.

Disclaimer: Cryptocurrency investments carry inherent risks, and individuals should conduct thorough research and exercise caution before making investment decisions. All trading volume and price data mentioned are based on available information at the time of writing.