‘Dogecoin Killer’ Shiba Inu (CRYPTO: SHIB) regained momentum, up 5.1% on the day to reach a price of $0.00001144.
What Happened: Amid the broader crypto market rally, Shiba Inu notably outpaced Cardano (CRYPTO: ADA).
In the past 24 hours, Shiba Inu's trading volume reached $1.26 billion, surpassing Cardano's $1.14 billion. Coinglass analysis of Shiba Inu's derivatives data highlighted a 111.3% surge in trading volume.
According to the IntoTheBlock data, transactions greater than $100,000 surged to 175 transactions on Feb. 27, compared to 53 transactions on Feb. 21, and 88 transactions on Feb. 26.
U Today, citing IntoTheBlock data, reported a substantial increase in the volume of large transactions from 1.24 trillion tokens to a whopping 6.68 trillion in just two days.
Why It Matters: The community’s petition for a Shiba Inu ETF garnered more than 2,500 signatures, with 530 new signatures added in a single day.
Developer Kaal Dhariya expressed on X, "Game over, the next billion users are going to be on #Shibarium and $SHIB.”
Lucie, the marketing developer for the Shiba Inu community, tweeted:
$SHIB surged 800% in a week without any burns in 2021.
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO
Eager to see the outcome in 2024.
Slow burns and steady demand are essential.$SHIB is poised for growth and waits for no one.
What's Next: With Shiba Inu's rival Dogecoin putting in a strong trading day, the "Dogecoin killer" will be looking to follow in its footsteps.
Photo: Shutterstock
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