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In a startling turn of events, the popular Shiba Inu meme token, SHIB, has surged to claim the coveted second spot on Binance, the world's largest exchange, according to data analyzed by CryptoDiffer. The token's meteoric rise comes amid a flurry of user interest, with SHIB's trading volume on Binance now constituting a staggering 33% of all Shiba Inu token trades across various crypto platforms.
CoinMarketCap data reveals that SHIB has solidified its position as the eighth largest market on Binance, boasting a substantial 3% share of the exchange's mammoth $32.13 billion trading volume against the USDT pair alone. This surge in SHIB's prominence mirrors its recent price trajectory, which has witnessed an astounding 133% surge over the past week, including a notable 16% spike at the onset of this week.
As a result of its remarkable ascent, the price of the Shiba Inu token has soared to levels not witnessed in over two years, propelling SHIB to 11th place among the largest crypto assets in terms of capitalization. The data further underscores the shifting landscape of user interest on Binance, with SHIB overtaking established cryptocurrencies to claim its spot among the top searches.
Remarkably, the top trending query on Binance remains the native token of the black-and-yellow BNB ecosystem, with SHIB closely following in second place. Additionally, the emergence of Pepe Coin (PEPE) in third place and Bitcoin (BTC) relegated to fourth in user searches highlights the evolving dynamics within the crypto space.
While Bitcoin maintains its dominance in trading volume on Binance, accounting for over 28% of the exchange's transactions paired against USDT and FDUSD, the rise of meme tokens like SHIB signals a broader shift in investor sentiment toward alternative digital assets.