Shiba Inu Outpaces Solana, Dogecoin in Record Memecoin Trading Week

Among the altcoins market, the Shiba Inu (SHIB) has taken the lead and exceeded the weekly trade volume of both Dogecoin (DOGE) and Solana (SOL). This surge in SHIB’s trading activity aligns perfectly with the meme coin frenzy, drawing more investors into these promising currencies offering fantastic returns.

Are you excited? Read more about it below.

SHIB Skyrockets, Leaving DOGE and SOL Behind

Data from Kaiko reveals that Shiba Inu’s trading volume has soared to an astonishing $31 billion per week, overshadowing Dogecoin’s $23 billion during the same period. This remarkable increase in SHIB’s trade volume puts it ahead among other major altcoins, including Solana.

The entire meme coin market has seen an incredible surge in trading volume, reaching an impressive $80 billion. Alongside SHIB and DOGE, other meme tokens like Pepe Coin (PEPE), Dogwifhat (WIF), and BONK (BONK) have contributed to this surge, driving market prices to new highs. These cryptocurrencies, enjoying a steep rise, have collectively pushed the overall trade volume to record levels.

Pullbacks and Volatility

However, despite the bullish trend, both Shiba Inu and Dogecoin have experienced noticeable pullbacks in their prices. SHIB’s price saw a modest decline of 1.81% to $0.00003162, with trade volume dropping by 5.72% to $1.57 billion. Similarly, DOGE experienced a 2.20% drop in price to $0.1659, with trade volume decreasing by 2.36% compared to the daily average of $2.43 billion.

The Rise of SHIB ETF

The Shiba Inu community has been working on ways to improve the SHIB tokens, with a specific interest in the possibility of launching a SHIB ETF. The reports claim that Grayscale Investments is thinking of investing significantly in SHIB, which has made people discuss about the potential launch of an ETF. 

This initiative resembles the optimism that was associated with the introduction of Spot Bitcoin ETFs and strives to integrate Shiba Inu into the ETF sphere.

Community Support

The proposal for a SHIB ETF has garnered substantial interest, amassing over 6,000 votes in support. Despite the volatility in SHIB trading, the community remains optimistic about the ETF’s launch and its potential impact on future price movements.

However, it’s essential to acknowledge that the SHIB ETF is still in its nascent stages, contingent upon regulatory approval and market conditions.

Meme Tokens Continue to Dominate

With Shiba Inu leading the charge, the meme coin market continues to outpace traditional players like Dogecoin and Solana. This underscores the enduring interest of the crypto community in meme tokens.

Shiba to the Moon, or a Risky Ride? What’s your take on the SHIB ETF proposal?