Leveraging on the current green run of the wider crypto market, popular meme coin, Shiba Inu, has posted some interesting figures during its rise to a new ATH.
Shiba traded more than Ethereum
According to data on CoinMarketCap, the daily trading volume of Shiba Inu was able to surpass that of its more illustrious counterpart, Ethereum, yesterday placing it as the third most traded asset on two leading crypto exchanges, Binance and Coinbase.
Per the data, the meme coin trading volume was over $14.5 billion, while that of Ether stood at around $14.3 billion. On the other hand, Tether had a trading volume of $60 billion while the flagship digital asset, Bitcoin, recorded around $26 billion in trading volume.
Interestingly, Shiba Inu also reached a new ATH yesterday after its value rose by 50% within 24 hours. This pushed it to as high as eleventh on the largest crypto asset by market cap though its value has since corrected to $0.000039 as of press time.
Speaking on the impressive run of the “Doge Killer,” crypto market analyst, Ben Caselin, tied the asset “wild price action” to speculation.
Within the last year alone, SHIB has grown by over 40,000,000% while its value has spiked by more than 435% within the last 30 days, placing it among the best performing digital assets of the year.
900 million Shiba tokens burnt
Meanwhile, data from Watcher.Guru, a leading crypto analytics site has revealed that almost 900 million Shiba tokens were burnt yesterday.
JUST IN: 877,949,459 #SHIB tokens were just burned from the circulating supply. 🔥 pic.twitter.com/HQOFsRM3m6
— Watcher.Guru (@WatcherGuru) October 24, 2021
Though its burning mechanism differs greatly from those of other digital assets, it has also been able to contribute to the growth in the price of Shiba Inu as 1% of the meme coin circulation supply is being burnt daily.
The crypto coin made the headlines earlier in the year when it sent 50% of its total supply to Vitalik Buterin, the co-founder of Ethereum, who later donated almost a billion tokens of the meme coin to a foundation in India in efforts to combat coronavirus.
Get an edge on the cryptoasset market
Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.
On-chain analysis
Price snapshots
More context
Like what you see? Subscribe for updates.