Shiba Inu (SHIB) has amassed significant demand as it surpassed both Dogecoin (DOGE) and Solana (SOL) in weekly trade volume. In the meme coin market, Dogecoin is the market leader, however, Shiba Inu outpaced DOGE in the weekly trading volume last week.
Shiba Inu Weekly Trade Volume Surpasses Dogecoin
With an astonishing $31 billion in trading volume last week, SHIB has overtaken DOGE, which recorded $23 billion in volume, according to Kaiko data. Moreover, Shiba Inu surpassed the weekly trading volume of Solana among other large-cap altcoins. This surge in trade volume reflects the growing interest in meme tokens and their outsized gains in recent weeks.
Furthermore, the entire meme coin market accounted for a whopping $80 billion trading volume. Apart from DOGE and SHIB, the contributors include Pepe Coin (PEPE), Dogwifhat (WIF), and BONK (BONK). Moreover, all these meme coins witnessed a parabolic surge last week, boosting the trade volume as well.
However, since meme cryptocurrencies are subject to extreme volatility due to their intrinsic nature. Hence, the Shiba Inu price experienced a significant pullback. As of writing, the SHIB price was down by 1.81% to $0.00003162 on Wednesday, March 13. Whilst, it held a market cap of $18.61 billion and the robust trade volume surge halted with a 5.72% decline to $1.57 billion.
On the other hand, DOGE witnessed a higher fall. At press time, the Dogecoin price slumped 2.20% to $0.1659 with a market cap of $23.80 billion. Furthermore, the DOGE trade volume registered a 2.36% drop to $2.43 billion in the last 24 hours.
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Will SHIB ETF Be Launched?
Recent advancements within the Shiba Inu community have been remarkable, as they continue to focus on enhancing Shiba Inu’s tokenomics. One notable development is the growing support for a potential SHIB ETF, which has garnered attention from crypto enthusiasts worldwide.
Grayscale Investments is reportedly considering a significant investment in Shiba Inu, prompting the community to push for the launch of a SHIB ETF. This move mirrors the optimism seen with the introduction of Spot Bitcoin ETFs. Moreover, the aim is to introduce an exchange-traded fund that would allow Shiba Inu to enter the world of ETFs, as highlighted in The Shib magazine.
With over 6,000 votes in favor of the SHIB ETF petition, the community is highly optimistic about its potential launch. However, despite the excitement surrounding the prospect of a SHIB ETF, Shiba Inu experienced considerable volatility in trading today.
This volatility has led to speculation about potential price increases in the future, driven by the community’s ongoing efforts and the possibility of a SHIB ETF. Nonetheless, it’s important to note that the SHIB ETF is still in the early stages of voting, even though the petition is gaining traction globally.
Also Read: Shiba Inu (SHIB) Holder Worth $50m Enters $888k Giveaway for New Bugatti
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