Shiba Inu (SHIB) is striving to further increase market presence
Shytoshi Kusama, the lead developer at Shiba Inu (SHIB), recently commented on the meme coin’s position against BNB, XRP and Solana in a tweet. Kusama explained :
“SHIB has more volume today than BNB, Solana and XRP combined, over a billion dollars.”
Shiba Inu (SHIB) increasing trading volume
According to MarketCap data, Shiba Inu (SHIB) is up 63% and is trading at a price of 0.00004227. At the same time, a staggering $13.9 billion in trading volume was achieved yesterday, dwarfing the combined trading volume of XRP, BNB and SOL.
SHIB’s rise to the top of the market is further supported by its 292% price increase over the last week. SHIB currently occupies the fifth position among all cryptocurrencies in terms of trading volume.
But there are concerns about his ability to maintain his newfound dominance. Unlike established tokens such as BNB, SOL and XRP, which often have billions of dollars in trading volume, SHIB’s current status is unknown.
It is not certain that SHIB can maintain its momentum and consolidate its position in the crypto market. Analysts have different opinions on this matter. Some express skepticism, while others remain cautiously optimistic.
Analysts have pointed to potentially bullish indicators for XRP and SOL. Two analysts see March as a crucial month for XRP, with price predictions for a breakout above $1 and a subsequent rise to $1.88 – we report .
SHIB-Community will den ETF
In the meantime, the SHIB community is striving to further increase market presence. A petition has been submitted calling on Grayscale Investments to launch a SHIB ETF (Exchange-Traded Fund). Proponents of the petition argue that SHIB’s appeal as one of the top ERC20 coins is proven by Google Trends data and compliance with regulatory requirements. As SHIB continues to retain investors with its remarkable performance, one is confident about its future trajectory.
What sets Shiba Inu (SHIB) apart from the competition, especially other memecoins, is its comprehensive ecosystem that includes ShibaSwap, Shibarium, Shiba Inu Games, Shiboshi NFTs, and Community Engagement.
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While SHIB’s current surge in trading volume is undoubtedly impressive, Shiba Inu’s ability to manage crypto market dynamics and maintain its position amidst fierce competition is crucial. Only time will tell whether SHIB can maintain and expand its current strong position.
