- Shiba Inu has recorded a more immense trading volume boost compared to XRP and SOL.
- Shiba Inu is eying different use cases like SHIB ETF, poised to help assert its dominance.
Shytoshi Kusama, the lead developer behind Shiba Inu (SHIB), recently took to the X platform to declare the meme coin’s dominance over Ripple Lab Inc’s XRP and Solana (SOL).
“SHIB has more volume today than BNB, Solana, and XRP combined by over a billion dollars,” stated Kusama.
TODAY #SHIB has more volume today than Bnb, Solana, and XRP COMBINED… by over a BILLION DOLLARS. pic.twitter.com/YJVxs6z90m
— Shytoshi Kusama
(@ShytoshiKusama) March 5, 2024
SHIB’s Increasing Trading Volume
According to MarketCap data, SHIB is up 63%, trading at $0.00004227, while boasting of an astonishing $13.9 billion trading volume in the last 24 hours, eclipsing the combined trading volumes of XRP, BNB, and SOL during the same period.
SHIB’s rise to the forefront of the market is further aided by its price surge of 292% over the past week. Currently occupying the fifth position among all cryptocurrencies in terms of trading volume, SHIB has undoubtedly made its presence felt in the crypto space.
While SHIB celebrates its recent triumph, concerns remain about its ability to maintain its newfound dominance. Unlike established tokens such as BNB, Solana, and XRP, which frequently command billions in trade volumes, SHIB’s current status is unknown.
The challenge ahead lies in whether SHIB can maintain its momentum and solidify its standing in the crypto market. Analysts have differing opinions on the matter, with some expressing skepticism while others remain cautiously optimistic.
For instance, while SHIB enjoys its moment in the spotlight, analysts have also pointed out potential bullish indicators for XRP and Solana. As previously reported by Crypto News Flash, two analysts have predicted that March could be a pivotal month for XRP, with bullish price predictions suggesting a breakout above $1 and a subsequent rise to $1.88.
Similarly, investors are optimistic about Solana’s surge in the ongoing bull cycle, particularly with an upcoming airdrop scheduled for April, citing earlier statements from Crypto News Flash.
The Shiba Inu Community’s Call for an ETF
Meanwhile, within the Shiba Inu community, efforts are underway to further increase SHIB’s market presence. In line with what Crypto News Flash previously disclosed, the Shiba Inu community has filed a petition asking Grayscale Investments to launch a Shiba Inu Exchange-Traded Fund (ETF).
Supporters of the petition argue that SHIB’s appeal is evidenced by Google Trends data and its adherence to regulatory requirements as one of the top ERC20 coins. As SHIB continues to captivate investors with its remarkable performance, the crypto community remains intrigued by its future course.
What sets Shiba Inu apart from its competition, notably other meme coins is its comprehensive ecosystem which includes ShibaSwap, Shibarium, Shiba Inu Games, Shiboshi NFTs, and Community Engagement.
While SHIB’s current surge in trading volume is undoubtedly impressive, the true test lies in SHIB’s ability to navigate the dynamics of the crypto market and maintain its position amidst fierce competition. Only time will tell whether SHIB can sustain its dominance and emerge as a long-term player in the crypto space.
