Shiba Inu Surpasses DOGE and Solana in Weekly Trade Volume Amid Meme Coin Frenzy

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Among the altcoins market, the Shiba Inu (SHIB) has taken the lead and exceeded the weekly trade volume of both Dogecoin (DOGE) and Solana (SOL). Additionally, the skyrocketing of SHIB’s trading activity is heading parallel with the meme coin mania, where more people are coming to invest in these promising currencies that offer investors the opportunity to make amazing returns.

SHIB Leads Weekly Trade Volume

Records from Kaiko show the trading volume of Shiba Inu hit a mind-blowing figure of $31 billion per week which was way more enormous than the $23 billion raked up by Dogecoin in the same period. This huge increase in the trade volume of SHIB also made it the highest in a league of other large altcoins among them Solana.

The entire meme coins market had an unparalleled rise in the volume of trading which culminated in a great $80 billion. Apart from SHIB and DOGE, other meme tokens including Pepe Coin (PEPE), Dogwifhat (WIF) and BONK (BONK) also sent the market price to a new record. 

These cryptocurrencies, which had been enjoying a steep rise, were driving the overall trade volume up to the new maximum level.

SHIB and DOGE’s Price Volatility 

On the contrary, both Shiba Inu and Dogecoin have obvious pullbacks and drops in their prices. SHIB’s price tumbled by 1.81% to $0.00003162 and more significantly, trade volume also dropped by 5.72%, to $1.57 billion. 

In the same sequence, DOGE also had a fall in price by 2.20% to $0.1659, the trade volume share was 2.36% less than a day average of $2.43 billion.

Optimism Surrounding SHIB ETF

The Shiba Inu community has been working on ways to improve the SHIB tokens, with a specific interest in the possibility of launching a SHIB ETF. The reports claim that Grayscale Investments is thinking of investing significantly in SHIB, which has made people discuss about the potential launch of an ETF. 

This initiative resembles the optimism that was associated with the introduction of Spot Bitcoin ETFs and strives to integrate Shiba Inu into the ETF sphere.

The proposal of the SHIB ETF has aroused great interest, receiving more than 6,000 votes in support. Following the volatility in SHIB trading, the community stays positive about the ETF launch and its probable effect on future price movements. 

It should be noted though that the SHIB ETF is still in its early stages of consideration, and its realization depends among other things on regulatory approval and market conditions.

Ending note … 

The meme coin market is still dominated by Shiba Inu, and it traded more than Dogecoin and Solana among the traditional players. This means that the crypto community is still interested in meme tokens. 

As the proposed SHIB ETF is gaining momentum, investors are keeping a sharp eye on the ever-changing nature of this space. They are walking the tightrope of volatility and are looking for ways to benefit from such a dynamic environment.