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.
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.
Vladislav Sopov