Shiba Inu Leads Trading Volume in May 2024, Outpacing Bitcoin and Other Cryptos

Shiba Inu

  • Shiba Inu (SHIB) became the most traded coin on WazirX in May 2024.
  • The number of new accounts on the network skyrocketed by an astounding 3,436% within just 24 hours.

In a tweet by India’s top crypto exchange, Wazir X, Shiba Inu (SHIB) has dominated the trading charts, surpassing Bitcoin (BTC), Floki (FLOKI), and Pepe (PEPE) in trading volume in May 2024. This notable performance highlights SHIB’s growing prominence among Indian crypto traders.

 

Shiba Inu’s ascension to the top of WazirX’s trading charts reflects its sustained popularity. Following SHIB, Bob Token (BOB), a meme coin associated with the X bot “Explain This Bob,”  secured the second position.  Pepe (PEPE), another meme coin, claimed the third spot, demonstrating its increasing traction among investors. Floki (FLOKI) and Bitcoin (BTC) rounded out the top five, taking the fourth and fifth positions, respectively. Despite Bitcoin’s historic dominance in the crypto market, its trading volume on WazirX was lower than that of these emerging tokens in May.

Shiba Inu’s strong performance in May 2024 is not an isolated incident. The coin has been consistently popular on WazirX, maintaining its position as the most traded token in April 2024. In December 2023, WazirX highlighted Shiba Inu among its most traded tokens, with SHIB only trailing behind Bitcoin. This consistent trading activity indicates a robust and sustained interest in SHIB, driven by its community and market dynamics.

Shiba Inu’s Market Performance

Over the past 24 hours, Shiba Inu has seen notable gains, with its price surging by more than 8%. The coin reached a daily high of $0.00002592, reflecting a bullish sentiment in the market. This surge follows an intraday low of $0.00002365, indicating a significant recovery from recent declines.

Market analysts, including Bitcoin author Jason Williams, are optimistic about Shiba Inu’s prospects. Williams has suggested that a substantial rally could propel SHIB’s price to $0.05, representing an extraordinary increase of 193,774%. Such projections highlight the potential for significant growth in Shiba Inu’s market value.

As previously reported by Crypto News Flash, analysts suggest that if Shiba Inu surpasses its current resistance level of $0.000027, it could rise to $0.000038. Additionally, an AI-powered price prediction tool forecasted the token to close the month at $0.000031.In the previous month, the meme coin market saw impressive gains, with several tokens, including Shiba Inu, revisiting price levels last seen during the 2021 bull run.

Shibarium’s Dramatic Rise in User Engagement

Shibarium recently experienced an extraordinary surge in activity. According to data from Shibariumscan, the number of new accounts on the network skyrocketed by an astounding 3,436% within just 24 hours. This jump saw new accounts increase from 30 to 1,031, reflecting a substantial increase in user engagement.

Shibarium’s transaction volume also witnessed a notable uptick alongside the rise in new accounts. In the same 24-hour period, transactions on the network grew from 4,751 to 8,527, marking an 80% increase in activity. This heightened level of transactions suggests that the new users are actively participating in the network, contributing to its overall dynamism.

One potential reason for this surge could be linked to the recent momentum in the price of SHIB, Shiba Inu’s native token. 

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