In Monday’s trading session, leading cryptocurrencies showed a positive trend. Bitcoin recorded a 5 per cent increase in the past 24 hours, reaching $64,948 at 4:04 pm. Other cryptocurrencies like Cardano, Ethereum, Dogecoin, Shiba Inu, and Polkadot experienced substantial surges, ranging up to 11 per cent. However, certain top crypto tokens, including Avalanche, Chainlink, Polygon, Solana, and XRP, lagged. The global cryptocurrency market cap saw a 1.5 per cent rise, reaching approximately $2.38 trillion in the last 24 hours.
Last week, Bitcoin the world’s largest cryptocurrency, made headlines as it reached a two-year high of over $64,000, following a period of relative calm. This surge was primarily driven by substantial inflows into cryptocurrency exchange-traded funds, particularly in the U.S.
Shiba Inu’s Raise
Shiba Inu (SHIB), which began as a meme, has now risen to become the fourth most traded cryptocurrency globally. This marks a significant achievement for SHIB, which continues to attract increasing interest from investors and traders. Notably, SHIB/USDT is now the second most-traded pair on Binance, only behind the dominant BTC/USDT pair. Shiba Inu is trading at $0.00002555 with 18 per cent surge as of now at 4:10 pm.
Shiba Inu’s Soars Over 100 Per cent In Just Two Weeks
The meme coin has made a remarkable comeback, with a surge of 111 per cent over the two weeks. This resurgence the volatile and unpredictable nature of the cryptocurrency market.
Top Coins by Trading Volume
In terms of trading volume, Tether (USDT) remains at the top with a staggering $52.8 billion in trades. Despite various controversies, it continues to be the preferred stablecoin for cryptocurrency traders, boasting a massive market capitalization of around $100 billion. Bitcoin (BTC) and Ethereum (ETH) follow, with trading volumes of $22.1 billion and $12.7 billion, respectively.
Shiba Inu’s Rising Popularity
Shiba Inu’s trading volume has reached $5.7 billion, reflecting its growing popularity and investor interest. It has managed to surpass other notable cryptocurrencies such as USDC, Bitcoin Cash (BCH), Dogecoin (DOGE), and Solana (SOL).
Shiba Inu Social Media Buzz
The social media buzz around Shiba Inu has reached unprecedented levels, with social interactions concerning SHIB skyrocketing by over 1,520.6% over the last month. This surge has been fueled by what is being referred to as the “meme season.” Amidst this wave of enthusiasm, it’s important to note that SHIB is still down 76 per cent from its all-time high, which it reached in late October 2021. This serves as a reminder of the inherent risks and volatility associated with investing in cryptocurrencies.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money-related decisions.)