Shiba Inu is taking the crypto space by storm, becoming the most traded cryptocurrency on America’s largest exchange
Dogecoin Shiba Inu became the most traded cryptocurrency on Coinbase in less than a month after it was listed on the leading US exchange.
SHIB’s 24-hour trading volume currently stands at $1.3 billion, gaining a comfortable lead over Bitcoin at $774 million.
After rising more than 80% in 24 hours, the cryptocurrency once again entered the top 30 cryptocurrencies by market capitalization.
Overall, the daily trading volume jumped a whopping 553% in just one day.
Despite the sudden recovery, Shiba Inu is still far from regaining its all-time high at $0.00003791.
The cryptocurrency was riding a cryptocurrency wave with Dogecoin back in May. Ethereum co-founder Vitalik Buterin has burned 90% of his SHIB tokens, adding more fuel to the SHIB rally.
After that, the uptrend was halted by a broader market correction, as the coin price fell 89% from the top.
Musk’s recent photo of his Shiba Inu puppy, as well as Robinhood roster rumors, are believed to be some of the main reasons behind the ongoing recovery.