Shiba Inu Loses to Dogecoin, Pepe, and Dogwifhat in This Important Metric Despite Price Rebound

Leading dog-themed token Shiba Inu (SHIB) loses to memecoins like Dogecoin (DOGE), Pepe (PEPE), and Dogwifhat (WIF) in terms of daily trading volume.

Shiba Inu has the lowest 24-hour volume among the top 4 memecoins by market cap. According to data from CoinMarketCap, Shiba Inu’s 24-hour volume slumped 17.73% over the past 24 hours to $256,579,856 ($256.57 million).

Conversely, Pepe saw the highest 24-hour trading volume in the memecoin category at $979,524,916 ($979.52 million). Despite ranking as the top memecoin with the most trading volume over the past day, the data still suggests that PEPE’s volume is down 12.76%.

Additionally, Dogecoin saw the second-biggest daily volume among the top 4 largest memecoins by market cap. DOGE boasts a daily volume of $853,530,903 ($853.53 million), down 6.32% over the past day. Furthermore, Dogwifhat closely followed Dogecoin in the ranking, commanding a daily volume of $451,499,845 ($451.49 million), representing a 24-hour decline of 9.4%.

SHIB loses to DOGE PEPE and WIF in trading activity

Total Memecoin Daily Volume

As of 07:22 AM (UTC) today, the memecoin market boasts a 24-hour volume of $4.57 billion. Given Shiba Inu’s volume of $256.57 million, SHIB accounts for 5.61% of the total memecoin volume recorded over the past 24 hours.

Similarly, PEPE’s volume dominated the total memecoin’s daily volume by 21.43%, while DOGE and WIF represented 18.67% and 9.87%, respectively. it is noteworthy that a surging volume indicates a strong interest in the asset, and vice versa.

SHIB and Other Memecoin Prices Rebound

Meanwhile, the development comes at a time when the price of SHIB rebounded shortly after plunging below the $0.000016 threshold. Notably, SHIB plummeted to a 24-hour low of $0.00001587 in the late hours of yesterday.

It did not take long before its price rebounded above the $0.000016 mark. At the time of writing, SHIB’s price was up 3.41% in the daily charts to $0.00001681.

Similarly, the prices of the other top 4 memecoins in the memecoin category, including DOGE, PEPE, and WIF, have also rebounded within the ranges of 1.48% to 4.63% in the daily chart.

While DOGE has staged a 4.63% increase in the past 24 hours, PEPE and WIF’s prices have soared 1.48% and 2.32%, respectively.