Shiba Inu Takes the Lead as Meme Coins Reach an Unprecedented $80B Volume
Shiba Inu, the popular meme coin, emerged as the dominant player in the meme coin market last week, surpassing the performance of its counterpart Dogecoin. The meme coin market experienced a remarkable surge in volume, reaching a cumulative $80 billion.
The meme coin market has been on an upward trajectory since late February, with many coins in this category experiencing significant price surges. This surge in popularity led to a substantial increase in the overall market cap of meme coins and a surge in trading volume as investors sought to capitalize on the trend.
According to market intelligence platform Kaiko, the meme coin market recorded an impressive $80 billion in weekly trading volume, setting a multi-year high. Notably, Shiba Inu stole the show, contributing a staggering $31 billion to the overall volume. This accounted for a dominant 39% share of the market, surpassing Dogecoin’s $23 billion contribution.
What makes Shiba Inu’s feat even more remarkable is that it outperformed not only other meme coins but also notable altcoins such as Solana. Its 24-hour volumes consistently surpassed those of leading altcoins like Cardano, Chainlink, and Litecoin. The growing interest in Shiba Inu is evident as it ranked fourth in terms of trading volume, trailing only Bitcoin, Ethereum, and Solana.
This increasing interest in Shiba Inu is further supported by a recent survey conducted by ConsenSys, which revealed that many Americans favor SHIB over other altcoins like SOL and ADA. Additionally, data from Coinglass indicates a rise in open interest for Shiba Inu, reaching $137 million, the highest recorded since October 2021.
The meme coin market’s record-breaking volume and Shiba Inu’s dominant performance indicate the growing significance of meme coins in the cryptocurrency ecosystem. As more investors recognize the potential of these meme-inspired tokens, the market is likely to continue its upward trajectory.