- The meme coin market cracked a multi-year record in weekly trading volume amid explosive rallies.
- Shiba Inu led the meme coin market with a weekly trading volume of $31 billion.
- Shiba Inu’s trading volume last week surpassed the DOGE figures and Solana.
New statistics have shown Shiba Inu (SHIB) led the meme coin landscape in trading volume as the market cracked a multi-year record in weekly trading volume amid explosive rallies.
In a post on X, data analytic firm Kaiko recently called attention to this trend. Kaiko disclosed that meme-inspired crypto tokens have experienced significant growth in recent weeks, with weekly trade volume reaching $80 billion, a valuation not seen in years.
Furthermore, Kaiko revealed that Shiba Inu witnessed a commanding trade volume of $31 billion. Additionally, the report noted that SHIB’s one-week volume significantly knocked out the meme coin market leader, Dogecoin (DOGE). In particular, while Shiba Inu saw $31 billion in trading volume, DOGE recorded $8 billion less.
The graph accompanying Kaiko’s update suggested that Shiba Inu’s feat marks an unprecedented occurrence since 2023, as Dogecoin has always led the meme coin market with volume. Moreover, Kaiko disclosed that Shiba Inu’s market volume for the past week even surpassed the figure witnessed for more prominent utility-based altcoins like Solana (SOL).
Notably, Shiba Inu achieved this feat following a shocking 350% rally from $0.0000094 in under seven days. Following the rally, SHIB cracked the $0.000045 threshold on March 5, a price point last seen during the peak of the 2021 bull run.
However, Shiba Inu has corrected most of these gains, with its price sinking to $0.00003388 at press time. Notably, Dogecoin witnessed a comparable price surge, rallying more than 130% from $0.08721 in late February to $0.2 on March 5. However, at press time, DOGE trades at $0.1854.
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