Shiba Inu, a Dogecoin knock-off, has become the most traded cryptocurrency on Coinbase in less than a month after it was listed on the leading U.S. exchange.
SHIB's 24-hour trading volume is currently sitting at $1.3 billion, gaining a comfortable lead over Bitcoin with $774 million.
After soaring over 80% within 24 hours, the canine coin has once again entered the top 30 largest cryptocurrencies by market cap.
Overall, its daily trading volume has jumped a whopping 553% in just one day.
Despite its sudden revival, Shiba Inu is still 52% away from reclaiming its all-time high of $0.00003791.
The cryptocurrency was riding the canine coin wave together with Dogecoin back in May. Ethereum co-founder Vitalik Buterin burning 90% of his SHIB tokens added more fuel to SHIB's rally.
Alex DovbnyaThen, the uptrend came to a screeching halt due to the broader market correction, with the token's price plunging 89% from the top.
Musk's recent photo of his Shiba Inu puppy, as well as Robinhood listing rumors, are believed to be some of the key reasons behind the ongoing recovery.
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Dan Burgin
Vladislav Sopov