A close study reveals that global trading volume on Shiba Inu (SHIB) surpasses most major altcoins, including Dogecoin, XRP and Cardano.
Shiba Inu is one of the best-performing altcoins in recent weeks. The meme-inspired cryptocurrency climbed into the top ten cryptocurrencies by market capitalization and briefly threatened to overtake Dogecoin.
However, data that often goes under the radar is how Shiba Inu’s trading volume compares to other cryptocurrencies. Shiba Inu is one of the most widely traded cryptocurrencies, especially during periods of peak market performance
The latest market data on CoinMarketCap supports this stance, with Shiba Inu seeing $5.5 billion in trading volume. This volume places Shiba Inu just behind BTC, ETH, and SOL on the rankings, excluding stablecoins.
Looking more closely at the data, SOL’s trading volume is buoyed by a recent surge to $138, with Shiba Inu’s volume still close to the altcoin despite losing 14% in the past 24 hours.
Meanwhile, Shiba Inu’s trading activity is far superior to those of other major altcoins ranked above it in terms of market capitalization. Binance Coin (BNB), XRP, Cardano (ADA), and Dogecoin (DOGE) all trail SHIB in volume.
Robinhood Trading Activity May Further Boost Shiba Inu Numbers
In reality, Shiba Inu’s true volume could actually be higher, as CoinMarketCap’s data excludes popular trading platform Robinhood. Shiba Inu (SHIB) is the third-largest cryptocurrency held by Robinhood’s 22 million users.
The platform has also been moving a significant amount of SHIB lately, suggesting substantial trading activity on the platform. Factoring in trading volume from the platform could see Shiba Inu’s numbers outrank Solana’s and perhaps even edge closer to ETH.
