Shiba Inu Volume Surges 200% as Bullish Trend Takes Over

SHIB heads for the moon as trading volume skyrockets 200% over the past 24 hours.

Shiba Inu, the second-largest memecoin by market cap, continues to take the spotlight as it sees massive user engagement. The latest metric confirms that the memecoin project has a trading volume of over $2.23 billion, representing a 200% surge in the past 24 hours.

Source: CoinMarketCap

What Fuels SHIB’s Surge?

Several factors have fueled SHIB’s recent surge. One is the token’s debut in several crypto exchanges. Yesterday, the Australian crypto exchange Bitcoin.com.au listed Shiba Inu, bringing the second-largest memecoin to more Aussies. The crypto trading platform added $100 worth of SHIB in a giveaway package for participants of a simple exercise.

Shiba Inu’s increasing popularity among users has contributed to its latest surge. Hours ago, SHIB ranked as the second most searched cryptocurrency in Europe behind Bitcoin (BTC). Google Trends also showed an increasing user interest in countries like the Netherlands, Nigeria, Pakistan, Estonia, and Slovenia.

SHIB’s trading volume above $2.23 billion has rubbed off on its market cap and price metrics. With an increased market cap of over 12% to $18.42 billion, SHIB sits as the 12th largest cryptocurrency. This puts the dog-themed memecoin above popular cryptocurrencies like Toncoin (TON) and Polkadot (DOT).

Meanwhile, SHIB remains below its rival memecoin project, Dogecoin (DOGE), which remains the largest memecoin by market cap ranking. With a market cap of $26.4 billion, DOGE holds the position of the 9th largest cryptocurrency. Recall that Shiba Inu was once close to overtaking Dogecoin to become the leading memecoin.

SHIB’s Price Performance

Despite the massive records seen within the Shiba Inu ecosystem, the project’s native token is yet to make a huge jump closer to $1. At press time, the token traded at $0.0000309, representing an 11.8% increase in the past 24 hours.

Earlier this month, a crypto influencer predicted that SHIB would soar to a trading price of $0.0001 during the bull run.