April 21, 2024

The meme coin sector followed the broader crypto market to record a significant surge in different aspects between February and early March. Amid the positive changes, most meme coins reclaimed their lost values, projecting massive price surges.

As the uptrend fuelled more investor participation, the meme coin market saw impressive trade volume growth and market cap growth. Surprisingly, Shiba Inu dominated the sector, outperforming DOGE and others, as the market recorded an $80 billion volume.

SHIB Takes Top Position As Meme Coin Market Volume Hits Multi-Year High

Data from a market intelligence platform, Kaiko, recently highlighted the cumulative trading volume, which has recorded outstanding weekly growth. According to the data, the meme coins market hit a $80 billion trade volume last week, outshining other market sectors. 

Due to the news growth, the meme coin market’s weekly trade volume recorded its multi-year high.

According to the data, prominent meme tokens played a role in putting forth an impressive record. These assets include Dogecoin (DOGE), Pepe (PEPE), Floki (FLOKI), Bonk (BONK), and Dogfight (WIF).

Surprisingly, Shiba Inu led with the highest contribution among their meme coins.

SHIB accounted for a whopping $31 billion of the cumulative $90 billion volume by the meme coin market last week. The value showed that Shiba Inu bagged a 39% dominance over the volume of other tokens within the crypto class. Moreover, Kaiko disclosed that SHIB’s volume exceeded DOGE’s $23 billion for the week.

Besides assets within the meme coin category, Shiba Inu outperformed some top altcoins in trade volumes. On February 29, SHIB’s volume reached $2.08 billion, surpassing $832M and $1.04B for Chainlink (LINK) and Litecoin (LTC), respectively.

Similarly, SHIB hit a volume of $13.4 billion on March 5, outperforming Solana (SOL), XRP, BNB, and Dogecoin (DOGE). Moreover, on March 7, Shiba Inu took the fourth position in the list of assets with the most significant trade volumes excluding stablecoins. 

The top 3 tokens were Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Notably, volumes on Robinhood didn’t account for the data used for the ranking.

Shiba Inu Receives More Market Interest

Shiba Inu, the second-largest meme coin by market cap, has recently received more investor interest and attention. This accounts for its dominance over some top tokens in trade volumes as more investors adopt the meme coin.

According to a recent ConsenSys survey, most Americans disclosed their investment preference for SHIB over other altcoins like SOL and ADA.

Additionally, data from the crypto information platform CoinGlass revealed a growing open interest in Shiba Inu. According to the data, SHIB OI surged to $137 million on March 6, hitting a new peak since October 2021. 

This confirms that SHIB has moved to the spotlight in the eyes of investors and other market participants, consequently pushing its trading volume and price.

SHIB trades at $0.00003272, reflecting a surge of 0.67% over the past 24 hours. Its trade volume has increased by 44.18% to hit $2.3 billion.


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