Shiba Inu (SHIB), a memecoin inspired by dog memes, has become one of the stars in the crypto market in recent weeks. The price of SHIB soared to enter the top 10 largest cryptos by market capitalization, even shaking Dogecoin's (DOGE) position as the most popular dog crypto.
However, there is a data that may have escaped the attention of many, namely the trading volume of SHIB compared to other cryptos. As it turns out, SHIB is one of the most actively traded cryptocurrencies, especially when the market is on the rise.
What is trading volume?
Crypto trading volume is the total amount of crypto assets traded in a given period of time. Crypto trading volume can provide information about market interest, trend strength, and liquidity of crypto assets. The crypto trading volume can be seen on the chart provided by the crypto trading platform.
The latest data from CoinMarketCap shows that SHIB recorded a trading volume of $5.5 billion (IDR 85.9 trillion) in the last 24 hours. This volume places SHIB fourth after Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), excluding stablecoins.
However, looking at it in more detail, SOL's trading volume was largely driven by the recent price surge to $138 (IDR 2.2 million) per coin, while SHIB's trading volume remained high even though the price of SHIB fell 14% in the last 24 hours to $0.000022 (USD 0.34) per coin.
Meanwhile, SHIB's trading volume is far superior compared to many other large altcoins that have a higher market cap than SHIB. Binance Coin (BNB), XRP, Cardano (ADA), and Dogecoin (DOGE) all outperformed SHIB trading volume.
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SHIB Trading Volume Could Be Even Larger
SHIB's trading volume could be larger than CoinMarketCap reported, as the data does not include popular trading platform Robinhood. SHIB is the third largest cryptocurrency owned by Robinhood's 22 million users, after Bitcoin and Ethereum.
Robinhood has also reported that they have been trading SHIB a lot lately, showing the high interest of the platform's users in this dog crypto. If trading volume from Robinhood is factored into the calculation, then SHIB's trading volume could surpass SOL, and possibly even approach ETH.
SHIB is one of the cryptocurrencies that has attracted the most market attention, as it offers huge profit potential at a very low price. SHIB also has a strong and loyal community, which continues to support and promote this crypto on various social media. In addition, SHIB also has a growing ecosystem, with plans to launch ShibaSwap, a decentralized exchange, and Shiba Inu Games, a gaming division in collaboration with former Activision executives.
With this achievement, SHIB will probably continue to be one of the most demanded cryptocurrencies by investors, especially when the crypto market is on the rise. With Bitcoin and Ethereum reaching new highs, crypto markets, including SHIB, may continue to attract investor interest for the foreseeable future.
Also Read How to Buy Crypto:
How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Shiba Inu (SHIB) is available on Bittime with the SHIB/USDT market pair. To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime.
Monitor the price chart movements of Shiba Inu (SHIB), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Shiba Inu Burn Token Makes Shiba Inu's Market Cap Soar Sharply
Dogecoin Vs Shiba Inu: Eye-Captivating Each Other
Shiba Inu Price Analysis: SHIB Up 300% in a Week
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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