invezz.com
It is currently the Shiba Inu (SHIB/USD) season as the meme coin has eclipsed the gains of all major cryptocurrencies in the market. Over the past month, it has rallied by over 400%, from around $0.00001 in late September to the current highs of $0.000040.
Data from CoinMarketCap shows that Shiba Inu’s 24-hour trading volumes come in at around $16.4 billion. Notably, the meme coin has surpassed Ether’s 24-hour trading volumes that come in at $15.3 billion.
SHIB Dominating Crypto Charts
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
The data from CoinMarketCap also shows that Shiba Inu is the third-most traded cryptocurrency after Bitcoin and Tether. The meme coin is also leading the spot trading market on Binance and the most traded cryptocurrency on Coinbase.
On October 24, SHIB hit an all-time high of $0.000044. However, it has shed some of those gains and dropped to $0.000039 at the time of writing. Despite this dip, interest in the meme coin is still high, with many speculating that it is headed towards explosive gains.
In just one month, SHIB has gained by over 435%, making it the leading gainer of the past month. Its staggering gains to all-time highs yesterday came even as the broader market showed signs of correction.
With the hype surrounding an exchange-traded fund dying down, Bitcoin (BTC/USD) could be headed towards lows of below $60,000. However, SHIB is not showing any signs of a major correction, at least for the time being.
Shiba Inu’s Hype is Still High
The hype surrounding Shiba Inu is still high. The current rally has been attributed to speculations that the token will be listed on Robinhood. Besides, the coin recently ventured into non-fungible tokens (NFTs), which spearheaded the bullish gains.
With many meme coins depending on the hype for wild price actions, it seems like Shiba Inu is now eclipsing the other meme coins that are hardly making gains. Dogecoin has failed to make any significant gains during the recent bull market.
However, while some Shiba Inu gains over the past month have been attributed to Elon Musk, the Tesla CEO has stated that he does not hold any SHIB. Musk clarified that his crypto investment portfolio is only made up of Bitcoin, Ethereum and Dogecoin.