Shiba Inu While the price of the coin (SHIB) has fallen 17% in the last week, some important indicators about its ecosystem have reached triple digits, indicating that investor interest has increased and the adoption rate has increased.
According to IntoTheBlock data, SHIB’s total daily trading volume increased by 200% compared to the figures observed on March 11, reaching around $600 million. Against this, dogecoin (DOGE) was up a more modest 92%.
Earlier this month, the gap between the two leading meme coins narrowed to under $5 billion as Shiba Inu outperformed other rivals.
The impressive rise of the self-described Dogecoin rival Shiba Inu has led some to suggest a “flippening” could happen soon. ChatGPT and Perplexity outlined their predictions for this scenario.
meme coin SHIB’s 250% price increase last month has created a profitable opportunity for early investors joining the ecosystem.
One savvy trader made over $1.5 million in profits (at least on paper) after purchasing 50 billion tokens in 2021.
Another meme coin that has experienced an exponential price increase and thus created millionaires is Solana-based dogwifhat (WIF). One person purchased more than 2.5 million assets by the end of 2023, spending just $310. As of the time of writing this news, the profit is equal to 4.8 million dollars.
Although trading with meme coins in the midst of the current market revival may seem like an attractive option, it can lead to significant losses due to the notorious instability of the coin.
