According to data provided by CoinMarketCap, shiba inu The daily trading volume of the cryptocurrency has now surpassed $14.5 billion. “dogecoin killer” overshadowed Bitcoin’s success with a dazzling rally.
Shiba Inu (SHIB) notably outperformed Ether, which recorded $14.3 billion in trading volume in the last 24 hours. At the time of writing, Shiba Inu has become the third most traded cryptocurrency in the overall crypto market after Bitcoin and Tether.
SHIB also dominates spot cryptocurrency trading volumes on the Binance exchange. It also remains the most traded digital asset on Coinbase by far.
As reported by KoinFinans, the Shiba Inu hit an all-time high earlier today for the first time since early May, setting a new record and grabbing the attention of the cryptocurrency community. SHIB lost some of its gains after hitting an ATH of $0.00004432 and is trading at $0.0000379 at the time of writing.
Market analyst Ben Caselin recently explained to Bloomberg the reason for the Shiba Inu’s rise. Caselin said that the main reason behind SHIB’s crazy price action could be speculation.
Recently, the community has been inundated with rumors that Robinhood is or will list the Shiba Inu, which is thought to be another catalyst for the ongoing rally.
Since the beginning of September, SHIB has already experienced a massive increase of 435%.
Aside from these, Bitcoin has recently dropped below the $60,000 mark. The leading cryptocurrency has become vulnerable to a sharper correction after bulls failed to hold onto recent gains. The flagship cryptocurrency is on track to record its first weekly drop since September.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.