Shiba Inu (SHIB), the hottest meme token in the market, made the list of top 20 cryptocurrencies by trading volume on trusted crypto exchanges, in the third and fourth quarters of 2021.
CoinDesk, one of the largest crypto news websites, published the list on Feb. 15. It should be noted that Shiba Inu claimed the fifth position on the list, with a volume of $62.16 billion on trusted exchanges.
CoinDesk describes the list as follows:
“The CoinDesk 20 is a list of the top cryptocurrencies by volume, as measured on a select list of trusted exchanges. The list is reconstituted quarterly, using data observed over the prior two quarters.”
The full description of the ranking methodology can be found here. The popular news website pointed out that Volume data came from Nomics, the third-largest crypto data website by traffic in the United States.
According to the list, aside from Shiba Inu (SHIB), two layer 1 smart contract platforms, and a metaverse real estate token, also replaced a number of assets issued by earlier generations in crypto and Web3, such as Bitcoin Cash and EOS.
AVAX and LUNA, the native currencies of the Avalanche and Terra blockchains, respectively, joined the CoinDesk 20.
How Shiba Inu (SHIB) Became Popular
Shiba Inu (SHIB), the top Dogecoin (DOGE) challenger, became popular within the crypto ecosystem and beyond after the co-founder of Ethereum blockchain, Vitalik Buterin, burned 41% of the meme coin’s total supply in May 2021.
Read Also: Shiba Inu Gains Means For More Liquidity As SHIB Gets Listed On Popular Brazilian Exchange
It can be recalled that the Shiba Inu team gifted Buterin 50% of SHIB total supply. He said he decided to burn the largest percentage of the tokens he was gifted because “he doesn’t want to become a locus of power.”
At the time of filing this report, SHIB is trading at $0.00003086, according to CoinMarketCap. It’s important to note that the cryptocurrency has so far recorded a Return of Investment (ROI) of 1900437%.
Shiba Inu recorded its price all-time high of $0.00008845 during the bull run of October 2021.
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