In a development defying initial expectations, Shiba Inu (SHIB), the second-largest meme coin, has climbed the ranks to become the fourth most traded cryptocurrency globally according to data from CoinGecko.
This significant rise in trading volume underscores SHIB’s growing popularity amongst investors and traders, solidifying its position within the ever-evolving crypto landscape.
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SHIB/USDT has emerged as the second most-traded cryptocurrency pair on Binance, a leading exchange, only behind BTC/USDT. This dominance on a major exchange underscores the significant trading interest surrounding SHIB and its growing credibility among investors.
Shiba Inu (SHIB) Meteoric Rise
In a striking performance, SHIB has witnessed an impressive 132% surge in price over the past week, marking a remarkable comeback following a period of stagnation.
With a trading volume of $5.7 billion, SHIB has surpassed well-established cryptocurrencies like USD Coin (USDC), Bitcoin Cash (BCH), Dogecoin (DOGE), and even Solana (SOL). This achievement underscores the escalating demand and investor enthusiasm for Shiba Inu (SHIB).
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Fueled by Social Media
Social media engagement has been instrumental in SHIB’s resurgence. Data from LunarCrush indicates a staggering 1,520% surge in social interactions related to SHIB over the past month. This surge in social media activity has undoubtedly contributed to the renewed interest and trading momentum surrounding SHIB.
Despite its recent surge, it is essential to approach SHIB’s rise with caution. The current value remains 76% below its all-time high recorded in October 2021.
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SHIB’s recent climb raises questions about its future trajectory. The sustainability of this growth remains uncertain – will it be a temporary spike or indicative of long-term success? The ability of SHIB to transcend its meme coin status and provide real utility within the crypto ecosystem will be crucial for its longevity.
However, with the increased investors’ interest in Shiba Inu (SHIB), which has been displayed in the bullish metrics indicated above, it’s safe to conclude that the leading dog-themed token is not done yet with its current meteoric price uptrend.
Another prominent factor that can be considered is the upcoming Bitcoin halving estimated to happen in April 2024. Historically, this anticipated event ignites notable bull season for Bitcoin and the entire market, which includes Shiba Inu (SHIB).
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