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Shiba Inu (SHIB) Takes Over Cardano in Volume Amid Meme Coin Mania

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Wed, 28/02/2024 - 11:37
Shiba Inu (SHIB) Takes Over Cardano in Volume Amid Meme Coin Mania
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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.

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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. 

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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.

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SHIB to USD by CoinMarketCap

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.

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Source: CoinMarketCap

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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.

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