Meme Coin Mania: Shiba Inu Rises To Fourth Spot In Global Crypto Trading Volume
Portfolio Pulse from Bibhu Pattnaik
Shiba Inu (SHIB) has become the fourth most traded cryptocurrency globally, with a 111% increase in value over the past week. On Binance, SHIB is the second most-traded pair after BTC/USDT. Tether (USDT) leads in trading volume, followed by Bitcoin (BTC) and Ethereum (ETH). SHIB's volume reached $5.7 billion, surpassing USDC, Bitcoin Cash (BCH), Dogecoin (DOGE), and Solana (SOL), despite being 76% below its all-time high from October 2021.
March 03, 2024 | 3:34 pm
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NEGATIVE IMPACT
Bitcoin Cash (BCH) is surpassed by SHIB in trading volume, indicating a shift in investor interest.
Being surpassed by SHIB in trading volume may reflect a temporary decline in investor interest towards BCH, potentially leading to a negative short-term price impact.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Dogecoin (DOGE) is outpaced by SHIB in trading volume, reflecting SHIB's rising popularity.
SHIB surpassing DOGE in trading volume suggests a shift in meme coin popularity, which could negatively affect DOGE's short-term price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Solana (SOL) is eclipsed by SHIB in trading volume, indicating a change in market dynamics.
The overtaking of SOL by SHIB in terms of trading volume may point to a temporary shift in market focus, potentially leading to a negative short-term price impact for SOL.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Bitcoin (BTC) remains a leading cryptocurrency by trading volume, second only to Tether (USDT), indicating sustained investor interest.
Bitcoin's continued high trading volume reflects its status as a cornerstone of the cryptocurrency market, likely contributing to a stable or positive short-term price trajectory.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
Ethereum (ETH) ranks third in trading volume, highlighting its key role in the cryptocurrency market.
Ethereum's position as the third most traded cryptocurrency suggests robust market activity and potential for positive short-term price movement.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
Shiba Inu (SHIB) has seen a significant increase in trading volume and price, becoming the fourth most traded cryptocurrency.
The substantial increase in trading volume and price indicates strong market interest and momentum, likely leading to a positive short-term price impact.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Tether (USDT) leads in trading volume, demonstrating its pivotal role in the crypto trading ecosystem.
Tether's leading trading volume signifies its importance for liquidity and stability in the crypto market, likely supporting a stable or positive short-term price impact.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90