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Shiba Inu’s volume metrics outperform other major altcoins as the crypto bull run garners momentum.
The price of Shiba Inu (SHIB) has risen over 27% in the past 24 hours, following a bullish trend that has enveloped the cryptocurrency market. Notably, several altcoins have surged by double-digits within the period under consideration.
However, Shiba Inu is leading the pack on a vital metric that underlines investor interest in the project. Precisely, the trading volume for Shiba Inu has soared to around $1.5 billion in the past 24 hours.
Shiba Inu’s figures clearly top that of other altcoins, especially a handful that have a higher market capitalization. For instance, 8th placed Cardano has $1.38 billion, and Chainlink (ranked 12th) has $1.33 billion. Meanwhile, the much older cryptocurrency Litecoin (ranked 19th) has around $1 billion.
The higher trading volume of Shiba Inu suggests that investors are keenly interested in profiting from the altcoin and capitalizing on increased market volatility. It is also worth noting that Shiba Inu’s higher trading volume is not entirely surprising.
The cryptocurrency boasts over 1.38 million holders, far more than other cryptocurrencies. Chainlink, for instance, has around 720,000 holders despite having been in the market for much longer.
Shiba Inu Breaks $8B Market Cap
Shiba Inu’s recent price surge has also seen it break above the $8 billion market cap, its highest level since May 2023. For context, the latest milestone means that Shiba Inu has now doubled its market cap from its most recent lows in November.
Investors will remain hopeful that the cryptocurrency will maintain its momentum, buoyed by other key developments in the Shiba Inu ecosystem, such as increased usage of the Shibarium network for smart contracts. The project is also adding new partners to drive the adoption of its offerings.
Either way, Shiba Inu has significant ground to make up if it will reach its previous all-time high. Its current price of $0.00001372 means that Shiba Inu is still around 84% of its 2021 highs.