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Tuesday, May 28, 2024

Shiba Inu (SHIB) Outperforms Ripple (XRP) and Cardano (ADA) in This Essential Metric

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TL;DR

  • Shiba Inu experiences a notable rally, surpassing major cryptocurrencies in trading volume, indicating significant investor interest.
  • The surge in SHIB and other meme coins underscores the growing profitability and appeal in the sector.

The price of the second-biggest meme coin – Shiba Inu (SHIB) – continues to rally, spiking by 7% in the past hour and 15% on a 24-hour scale. Its market capitalization surpassed $18.5 billion for the first time since mid-March.

SHIB Price, Source: CoinGecko

Shiba Inu trading volume generated in the last 24 hours has also headed north. According to CoinGecko’s data, the figure has jumped above $2.3 billion, thus outperforming Ripple’s XRP ($2.1 billion) and Cardano’s ADA ($630 million).

Other SHIB-related metrics that have exploded today (March 26) include daily transactions on Shibarium (soaring beyond 400,000) and aggregated daily volume (which has skyrocketed by 220%).

Shiba Inu is not the only meme coin to be well in the green. Some popular Solana-based tokens, such as dogwifhat (WIF) and Bonk Inu (BONK), have also taken off.

All these assets have allowed traders to make substantial profits due to the impressive price spikes witnessed as of late.

For example, a SHIB trader turned $2,500 into over $1.5 million, while a WIF investor made over $5 million with an initial investment of just $310. It remains unclear whether those people actually cashed out their holdings.

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