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Shiba Inu Becomes Most-Traded Cryptocurrency on Coinbase

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Tue, 10/05/2021 - 15:02
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Alex Dovbnya
Shiba Inu is taking the cryptocurrency space by storm, becoming the most-traded cryptocurrency on America's largest exchange
Shiba Inu Becomes Most-Traded Cryptocurrency on Coinbase
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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.

SHIB
Image by coinmarketcap.com

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Shiba Inu Surges 70 Percent, Outperforming Dogecoin

Then, 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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.