Shiba Inu has surpassed Ethereum, Cardano, and XRP in terms of trading volume, according to CoinMarketCap. The coin has seen a massive surge in popularity and price in recent weeks, fueled by social media buzz, celebrity endorsements, and listings on major exchanges.
Shiba Inu, which started as a joke in August 2020, has now become the second most traded coin in the world, behind only Bitcoin. As of January 2, 2024, Shiba Inu had a 24-hour trading volume of $18.7 billion, compared to $17.8 billion for Ethereum, $10.4 billion for Cardano, and $9.2 billion for XRP, according to Bitcoinworld. Shiba Inu also had a market capitalization of $46.3 billion, making it the ninth largest cryptocurrency by that measure.
The remarkable rise of Shiba Inu can be attributed to several factors, including its loyal and enthusiastic community of fans, who call themselves “Shibarmy”. The coin has also benefited from the support of celebrities such as Elon Musk, who tweeted a picture of his Shiba Inu puppy in October 2023, sparking a buying frenzy among investors. Additionally, Shiba Inu has gained more exposure and legitimacy by being listed on major platforms such as Coinbase, Binance, and Robinhood.
Shiba Inu’s developers have also been working on expanding the coin’s ecosystem and utility, by launching projects such as ShibaSwap, a decentralized exchange that allows users to swap Shiba Inu for other tokens; Shibarium, a blockchain network that aims to offer faster and cheaper transactions than Ethereum; and ShibaNet, a decentralized social network that rewards users with Shiba Inu tokens for creating and sharing content.
Shiba Inu’s supporters hope that Shiba Inu will eventually reach the elusive price target of $0.01, which would require a staggering increase of over 12,000% from its current level of $0.0000038.