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SHIB Breaks Into Top 5 Crypto By Daily Trading Volume

A surge in popularity and increased volatility have made the SHIB token one of today’s most traded cryptocurrencies.

According to Coinmarketcap, the Shiba Inu coin is currently fifth by daily trading volume, at $4.7 billion.

SHIB now trails only behind the heavyweights of the crypto world – USD Tether, Bitcoin, Ethereum, and Binance USD.

Firstly, Tether is the first stablecoin and the most dominant one in crypto trading. It is critical for facilitating cryptocurrency trading and reducing costs to traders. At $63 billion in daily trading volume, it is by far the most traded token.

Secondly, Bitcoin is the oldest crypto and by far the largest one by market cap. However, its trading volume is under half of that of Tether, at $27 billion.

Thirdly, Ethereum is the largest cryptocurrency with smart contract functionality. The currency powering the Ether network also enables the majority of NFT trading. It rests firmly in third place, at $14 billion in daily trading volume.

Lastly, the Binance USD (BNB) token powers currently one of the largest crypto exchanges. The popular stablecoin has just over $5 billion in trading volume.

Conversely, about $5 billion worth of SHIB tokens change hands daily.

Shib Overtakes Doge – For A Moment

Presently, SHIB is the 11th largest cryptocurrency by global market cap. At the same time, its rival Dogecoin is in 9th place.

At $31 billion in market cap, SHIB is trailing its main competitor Dogecoin by just under $3 billion.

After reaching an all-time high of $0.00008616 near the end of October, the coin briefly became bigger than Dogecoin.

However, shortly after that, the price of the token has dropped by 50%. Potentially, the crash is due to a single ‘whale’ moving around $3 billion worth of the token.

After the correction, SHIB dropped out of the top 10 coins by market cap. Since then, it has recovered some of its losses. Consequently, the altcoin currently trades 32% below its all-time high.

However, the sudden surge and the heightened volume have drawn attention to the token. The growing community of investors is pushing major exchanges to list the coin.

Due to the coin’s growing popularity, SHIB traders have created a petition to list the Shiba Inu coin on Robinhood. Since the price surge, the petition has reached more than 500,000 signatures. Crypto exchange Kraken received similar calls from SHIB holders.

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Like Dogecoin, Elon Musk’s tweets played a significant role in the rise of the Shiba Inu token. Every time the CEO of Tesla and SpaceX tweets about his dog Floki (a Shiba Inu), crypto traders buy SHIB. 

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