In a whirlwind week for the crypto market, the ascent of meme-inspired tokens has taken center stage, with Shiba Inu (SHIB) leading the charge. Amid crazy trading activity, SHIB has emerged as the new contender, surpassing Cardano (ADA) in trading volume.
The surge in popularity of meme coins such as Dogecoin (DOGE), SHIB and Pepe Coin (PEPE) has sparked a remarkable rally, propelling these digital assets to unprecedented heights. SHIB, in particular, has seen remarkable growth, with trading volumes soaring to dizzying heights.
In a surprising turn of events, SHIB has outpaced ADA, a stalwart in the crypto sphere, in terms of trading volume, despite its lower ranking in the list of largest cryptocurrencies.
Over the past 24 hours, SHIB's trading volume skyrocketed to a staggering $923 million, eclipsing ADA's volume of $680 million. This significant milestone underscores the growing influence of meme coins in the digital asset landscape.
Notably, SHIB has experienced a remarkable uptick in both trading activity and price appreciation. With a staggering 139% increase in trading volume and an 11% surge in price, SHIB has reached its highest valuation since December 2023, commanding attention and investor interest alike.
Meme coin mania
The broader meme cryptocurrency sector has also witnessed a remarkable uptrend, with its total market capitalization surging by 8% to reach $26.7 billion. Trading volumes for these digital assets have surged by 90%, underscoring the fervent investor appetite for meme-inspired tokens.
As meme coins continue to captivate the imagination of investors, SHIB's ascent to surpass ADA in trading volumes marks a significant milestone in the ongoing meme coin mania, signaling what may be a paradigm shift in the crypto landscape.