The rapid surge in popularity and increased volatility over the last few weeks have made the SHIBA ? meme coin one of today’s most traded cryptocurrencies in the world.
According to Coinmarketcap website, the Shiba Inu coin is currently 5th by daily trading volume, at $4.3 billion.
SHIB now is behind only the heavyweights of the crypto world – Tether (USDT), Bitcoin, Ethereum, and Binance USD.
Tether is a ‘stablecoin’ and the most dominant stablecoin in crypto trading. The stablecoin is used to facilitate cryptocurrency trading. At $58 billion in daily trading volume, it is by far the most traded token in the world.
Bitcoin is the oldest cryptocurrency, and by far the largest one by market cap with around $1.17 trillion. However, its trading volume is significantly lower than that of Tether, at $25 billion.
Ethereum is the largest cryptocurrency, known for the smart contract functionality. The currency powering the Ether network also is the primary mechanism for NFT trading. It is the third most traded crypto, with $13 billion in daily trading volume.
Binance USD (BNB) is another stablecoin which is powered by Binance, the largest crypto exchange in the world. The stablecoin has just over $5 billion in trading volume.
Currently, about $4.3 billion worth of SHIB coins change hands daily.