#Shiba Inu saw a massive 39% dominance in the meme coin market volume last week, outperforming #Dogecoin amid a cumulative $80 billion volume.
The meme coin market recorded an impressive uptrend from late February to early this month, with most assets in this category witnessing massive price surges. This led to a rapid spike in the cumulative market cap of the meme coin market and an increase in volume as investors moved to ride on the upsurge.
According to Kaiko, this figure marked a multi-year high, with leading market players such as Dogecoin (DOGE), Pepe (PEPE), dogwifhat (WIF), Floki (FLOKI), and Bonk (BONK) making their mark.
Shiba Inu Contributes $31B
However, Shiba Inu (SHIB) saw the highest contribution, commanding a massive $31 billion of the total $80 billion volume witnessed by the entire meme coin market last week. This figure marked a 39% dominance for Shiba Inu. Kaiko confirms that SHIB’s volume surpassed Dogecoin’s contribution, which stood at $23 billion.
Interestingly, Shiba Inu also outperformed other prominent altcoins outside the meme coin category, including Solana (SOL). The Crypto Basic called attention to this feat in a series of reports, as Shiba Inu’s 24-hour volumes towered above figures recorded by other leading altcoins.
