web3.0Shiba Inu (SHIB) Loses Trading Volume Race to Meme Coins Like Dogecoin (DOGE), Pepe (PEPE), and Dogwifhat (WIF)Shiba Inu (SHIB) Loses Trading Volume Race to Meme Coins Like Dogecoin (DOGE), Pepe (PEPE), and Dogwifhat (WIF)
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).
Shiba Inu (SHIB) is losing the trading volume race to other meme coins, with data from CoinMarketCap showing that SHIB has the lowest 24-hour volume among the top four meme coins by market capitalization.
According to the data, SHIB's 24-hour trading volume fell by 17.73%, reaching $256.57 million as of 07:22 AM (UTC) today.
In contrast, Pepe (PEPE) leads the meme coin category with the highest 24-hour trading volume, which amounted to $979.52 million despite a 12.76% decrease.
Following closely behind is Dogecoin (DOGE) with a daily volume of $853.53 million, showing a decline of 6.32%. Dogwifhat (WIF) ranks third, boasting a daily volume of $451.49 million, albeit with a 9.4% decrease.
The total 24-hour volume in the meme coin market reached $4.57 billion, with SHIB accounting for 5.61% of this total volume.
Meanwhile, PEPE dominates the market with 21.43%, while DOGE and WIF hold 18.67% and 9.87%, respectively.
Surging volume usually indicates strong interest in an asset, while declining volume suggests the opposite.
Shiba Inu's Price Rebound
Despite the trading volume struggles, Shiba Inu and other meme coins have seen a price rebound.
SHIB's price fell below the $0.000016 threshold, hitting a 24-hour low of $0.00001587. However, it quickly rebounded and is now up 3.41% to $0.00001681.
Other top meme coins also showed price increases. DOGE rose by 4.63% in the past 24 hours, while PEPE and WIF gained 1.48% and 2.32%, respectively.
These price fluctuations and shifting volumes highlight the dynamic nature of the meme coin market, which traders will be closely watching.
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