Memecoins
Shiba Inu Loses Ground to Three Rival Meme Coins in Trading Volume
Shiba Inu (SHIB), a leading dog-themed token, is losing the trading volume race to meme coins like Dogecoin (DOGE), Pepe (PEPE), and Dogwifhat (WIF). Data from CoinMarketCap reveals that SHIB has the lowest 24-hour volume among the top four meme coins by market cap. Over the past 24 hours, SHIB’s trading volume has dropped by 17.73% to $256.57 million.
Conversely, Pepe (PEPE) leads the memecoin category with the highest 24-hour trading volume, reaching $979.52 million despite a 12.76% decline. Dogecoin (DOGE) follows with a daily volume of $853.53 million, down 6.32%. Dogwifhat (WIF) ranks third, with a daily volume of $451.49 million, which represents a 9.4% decline.
As of 07:22 (UTC) today, the total 24-hour volume of the meme crypto market stands at $4.57 billion. SHIB accounts for 5.61% of this total volume. PEPE dominates with 21.43%, while DOGE and WIF account for 18.67% and 9.87%, respectively. An increase in volume often indicates strong interest in an asset, while a decrease in volume suggests the opposite.
Shiba Inu Prices Rebound
Despite the trading volume Due to the difficulties faced by cryptocurrencies, Shiba Inu and other cryptocurrencies have experienced price rebounds. The price of SHIB fell below the $0.000016 threshold, reaching a 24-hour low of $0.00001587. However, it quickly rebounded and is now up 3.41% at $0.00001681.
Similarly, other top memecoins have posted price gains. DOGE has increased by 4.63% in the last 24 hours, while PEPE and WIF have registered gains of 1.48% and 2.32%, respectively.
These fluctuations highlight the volatile nature of the memecoin market. As traders continue to monitor these assets, changes in volume and price will remain critical indicators of market sentiment and interest.
In summary, while Shiba Inu is struggling to handle trading volume, the broader meme coin market is active, with PEPE, DOGE, and WIF leading the daily trades. Investors will need to remain vigilant, as the dynamic market environment can change quickly, presenting both challenges and opportunities.