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Shiba Inu saw a massive 39% dominance in the meme coin market volume last week, outperforming Dogecoin amid a cumulative $80 billion volume.
The meme coin market recorded an impressive uptrend from late February to early this month, with most assets in this category witnessing massive price surges. This led to a rapid spike in the cumulative market cap of the meme coin market and an increase in volume as investors moved to ride on the upsurge.
Meme Coin Market Records $80B Volume
Market intelligence platform Kaiko recently disclosed that this rise in cumulative volume spilled into last week. Notably, the meme coin market recorded an impressive $80 billion weekly trading volume last week, dwarfing the performance of other market categories.
🚀 #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
According to Kaiko, this figure marked a multi-year high, with leading market players such as Dogecoin (DOGE), Pepe (PEPE), dogwifhat (WIF), Floki (FLOKI), and Bonk (BONK) making their mark.
Shiba Inu Contributes $31B
However, Shiba Inu (SHIB) saw the highest contribution, commanding a massive $31 billion of the total $80 billion volume witnessed by the entire meme coin market last week. This figure marked a 39% dominance for Shiba Inu. Kaiko confirms that SHIB’s volume surpassed Dogecoin’s contribution, which stood at $23 billion.
Interestingly, Shiba Inu also outperformed other prominent altcoins outside the meme coin category, including Solana (SOL). The Crypto Basic called attention to this feat in a series of reports, as Shiba Inu’s 24-hour volumes towered above figures recorded by other leading altcoins.
For instance, SHIB saw a volume of $1.5 billion on Feb. 29, outranking Cardano (ADA), Chainlink (LINK), and Litecoin (LTC). SHIB’s trade volume surged to $13.4 billion on March 5, allowing it to outperform XRP, Dogecoin, BNB, and Solana.
The Crypto Basic disclosed on March 7 that Shiba Inu ranked fourth place on the list of assets with the largest trading volumes, excluding stablecoins. The crypto assets were only behind Bitcoin (BTC), Ethereum (ETH), and Solana despite the fact that the data did not account for volume on Robinhood.
Shiba Inu Seeing Growing Interest
Shiba Inu’s dominance in trade volume is a representation of the growing interest the asset has continued to command. A recent ConsenSys survey attested to this increasing interest, with most Americans noting that they favor SHIB above other altcoins such as SOL and ADA.
Moreover, data from Coinglass confirms that Shiba Inu is also seeing rising open interest, which is another testament to growing market interest. SHIB OI rose to $137 million on March 6, marking the largest figure recorded since October 2021. Meanwhile, the volume of drivatives trade currently sits at $700 million.