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The Shiba Inu (SHIB) has surpassed Dogecoin (DOGE) in terms of trading volume: $2.1 billion versus $1.4 billion.
According to CoinGecko data, the Shiba Inu became the second-most traded meme coin after Pepe (PEPE) in the last 24 hours, with PEPE recording a trading volume of $2.3 billion.
The Dogecoin, the largest meme coin by market capitalization, ranked third in this metric.
Also noteworthy is dogwifhat (WIF), which is currently in 5th place among meme coins by trading volume, with $755.4 million. Previously, we highlighted a sharp rise in the WIF price.
The ranking of meme coins by trading volume over the last 24 hours | Source: CoinGecko
Shiba Inu and Other Dog Meme Coins Back on the Scene?
In addition to SHIB, the crypto community has recently turned its attention to meme coins over the past 2 weeks. This resurgence might have been sparked by Neiro (NEIRO), which was listed on Binance and other crypto exchanges on September 16. Following its debut, NEIRO’s price soared by over 1,000%.
This scenario is reminiscent of Bonk (BONK), another Solana-based meme coin that gained massive traction in December 2023, surging 10,000%.
According to CoinGecko data, the Shiba Inu leads in price performance among the top 15 meme coins by market capitalization over the last 7 days, with a 37% gain.
In second place is Pepe, a so-called frog meme coin, which recorded a growth of 33.4%.
The another dog meme coin WIF follows with a weekly increase of 31.2%, taking the third spot in terms of growth.
The ranking of the top 15 meme coins by market capitalization | Source: CoinGecko
Popular cat meme coins like Popcat (POPCAT) and cat in a dogs world (MEW) lagged behind, only 4% and 15.3% gains respectively.
Stablecoin Launch on Shibarium and Burn Rate Surge of 19,930%
On September 26, the marketing lead of SHIB.IO, known as LUCIE on X, shared details about the SHI stablecoin.
LUCIE revealed that the stablecoin was still in development as of 2021, when it was first introduced by Shiba Inu’s founder, Ryoshi, whose real identity remains unknown.
However, the SHI stablecoin is not yet ready for launch, and no specific date has been set for its release.
The SHI Stablecoin: A Key Development for Stability and Utility in the Shibarium Ecosystem
The SHI stablecoin is a crucial development within the Shib ecosystem, currently in the works and not yet released. Its introduction is expected to significantly enhance the Shibarium… pic.twitter.com/UyrJgnYR45
— ?????????? (@LucieSHIB) September 26, 2024
Along with Shiba Inu’s price increase, its burn rate has also surged significantly. According to Shibburn data, the burn rate increased by a staggering 19,930% in the last 24 hours.
The Shiba Inu ecosystem employs a token burning mechanism to combat inflation. In the past 24 hours alone, 1.8 billion SHIB tokens have been burned.
The data on SHIB burning | Source: Shibburn
