Shiba Inu (SHIB) has emerged as the clear leader in the meme coin sector, contributing a sizable $31 billion to a recent record surge in trading volume. Last week, the meme coin market as a whole experienced an $80 billion weekly trading volume, showcasing impressive growth compared to other cryptocurrency categories.
This remarkable uptrend began in late February and continued into early March, leading to substantial price increases for many meme-inspired coins. Investors were quick to capitalize on the momentum, driving a surge in the sector’s cumulative market capitalization.
Read Also: XRP Dominates Bitcoin (BTC) in Terms of Trading Volume on Top Korean Exchanges
According to market intelligence platform Kaiko, established meme coins like Dogecoin (DOGE), Pepe (PEPE), Dogwifhat (WIF), Floki (FLOKI), and Bonk (BONK) all contributed significantly to this trading volume milestone – a multi-year high for the sector.
Shiba Inu (SHIB) Takes the Lead
The standout performer, Shiba Inu (SHIB), accounted for a striking 39% of the total meme coin market volume.
In a post on X, Kaiko confirms that SHIB’s volume outpaced even that of the biggest meme coin, Dogecoin, which contributed $23 billion. Notably, Shiba Inu’s trading activity also surpassed prominent non-meme altcoins, including Solana (SOL).
🚀 #Meme tokens have seen outsized gains over the past weeks with weekly trade volume hitting a multi-year high of nearly $80bn.
👉 #SHIB saw the largest volumes at $31bn last week surpassing the market’s leader #DOGE ($23bn) and other large cap non-meme altcoins such as #SOL. pic.twitter.com/nBz9G7JqPh
— Kaiko (@KaikoData) March 13, 2024
This isn’t the first time SHIB has dominated in terms of trading volume. Earlier, Shiba Inu lead developer, Shytoshi Kusama revealed in a post on X that SHIB’s Volume eclipsed the combined volume of established players like XRP, Binance Coin (BNB), and Solana (SOL), which collectively reached $12 billion during the same timeframe.
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Read Also: New Whale Accumulates 1.15 Trillion SHIB, Exclusively Holding Shiba Inu Tokens
Growing Popularity Fuels SHIB’s Success
The increased trading volume and dominance of Shiba Inu directly reflect the growing popularity of the token. A recent ConsenSys survey reveals that a significant portion of US-based investors expressed a preference for SHIB over other altcoins like Solana (SOL) and Cardano (ADA).
Furthermore, Coinglass data shows growing open interest (OI) in Shiba Inu, reaching $137 million on March 6th – the highest level since October 2021. Currently, the volume of derivatives trade sits at $700 million, underscoring the substantial market interest in the ever-evolving meme coin.
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