Shiba Inu Trading Volume Rises Despite Price Drop, Narrows Market Cap Gap With Dogecoin

According to CryptoPotato, Shiba Inu (SHIB) has seen a 17% price drop in a week, but important indicators related to its ecosystem have increased by triple digits, suggesting greater investor interest and greater adoption. IntoTheBlock reports that aggregate daily SHIB volume has approached the $600 million mark, a 200% increase compared to figures seen on March 11. In comparison, Dogecoin (DOGE) has witnessed a more modest rise of approximately 92%. The gap between the two major meme coins narrowed to less than $5 billion earlier this month.

The impressive rally of the self-proclaimed Dogecoin killer has led some to suggest that a turnaround could be on the horizon. ChatGPT and Perplexity have outlined their estimates for such a scenario. SHIB's 250% price increase in the last month has benefited investors who joined the ecosystem at its inception. A smart trader made a profit of over $1.5 million after purchasing 50 billion tokens in 2021. Another meme coin that has seen an exponential rise in price is Solana-based dogwifhat (WIF), and an individual made a profit of $4.8 million after purchasing more. of 2.5 million assets by the end of 2023 for only $310. However, dealing with meme coins amid the current market revival can lead to significant losses due to their notorious instability.