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Shiba Inu has become the most traded token on Coinbase

1 min read

 

Shiba Inu is growing
Source: Shutterstock, Seregraff

In the last 48 hours, one of all the cryptocurrencies has stood out, which is gaining more and more popularity. This is a project Shiba Inu. But what’s behind it?

Shiba Inu with significant growth

Becoming the most traded cryptocurrency on Coinbase exchange is certainly a significant success. Shiba Inu has reached this milestone in less than a month since listing on the popular US  exchange. The 24-hour SHIB token volume is currently at $ 1.3 billion. She even overtook BTC, up to by $ 774 million. The total daily trading volume of the SHIB token thus jumped by a respectable 553%.

This sharp increase brought the project back to TOP 20 projects by market capitalization. However, the important fact is that we are still about 52% from the historical maximum. The popularity of this project simply began to grow out of nowhere. It’s hard to guess what’s behind it. In the past, this project also drew strength from Vitalik Buterin, who burned 90% of your SHIB tokens. In any case, most traders use this project as a speculative tool.

Shiba Inu Token

 

Shiba Inu Token. Source: CoinMarketCap

Of course, the growth could also be due to a image of Shiba Inu’s puppy that he published Elon Musk.

The anonymous whale bought 6 trillion Shiba Inu tokens

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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