Shiba Inu Trading Volume Surge by 23% As Price Slowly Recovers

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Shiba Inu Trading Volume Surge by 23% As Price Slowly Recovers

Last updated on May 18th, 2024 at 11:53 am

Over the last 24 hours, the trading volume of Shiba Inu (SHIB) has surged about 23% according to data from Coinmarketcap. Earlier this week, the global crypto market experienced a recovery with flagship crypto, Bitcoin trading as high as $29,000.

However, following a rumor about the United States SEC approving BlackRock’s spot ETF application, the crypto market experienced a sharp dive and the price of Bitcoin dropped by 8%.

Even though this news negatively affected the general market, Shiba Inu benefited as its trading volume spiked over 23%, consequently lifting its position in the global crypto chart.

Before the ranking shift, Shiba Inu was reportedly on the verge of dropping out of the top 20 cryptocurrencies by market capitalization. However, the sharp market slump worked in favor of the trending memecoin thereby lifting it to position 18 just above Chainlink (LINK).

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Shiba Inu has always appealed to investors because of its low entry price and dedicated community. Furthermore, the launching of its layer 2 blockchain solution – Shibarium, has propelled the popularity and improved the use case of the altcoin.

Shibarium is projected to welcome lots of dApps (decentralized applications ) which will in turn help to speed up the adoption of web3. Since its launch, Shibarium has experienced unprecedented growth with its number of total transactions approaching 3.5 million, according to data from Shibariumscan.

Regarded as one of the most volatile cryptocurrencies in the market due to its meme nature, Shiba Inu has grown in popularity and value since its launch. Over the years, it has grown in ranking reaching #13 on the crypto chart at some point before dropping. On the other hand, its closest rival Dogecoin still seems to perform better, currently sitting at #9 on the global crypto chart.

Shiba Inu (SHIB) price today

Shiba Inu Trading Volume Surge by 23% As Price Slowly Recovers

Source: Coinstats

It is important to note that the cryptocurrency market is highly volatile and the price and rankings of a token can change within a short period. According to live data from Coinstats, Shiba Inu is currently selling at $0.000007 representing a 0.43% drop in the last 24 hours.

What’s more, Shiba Inu (SHIB) has a 24-hour trading volume of $105,512,343 ($105.5 million) and currently sits in the #19 position on the global crypto market chart. Finally, SHIB has a circulating supply of 579.7 trillion with a live market cap of $4,168,180,580 ($4.1 billion).

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.