Shiba Inu Soars, Leaving Ripple and Cardano in Its Trading Frenzy Dust

Shiba Inu (SHIB) is making significant strides in the cryptocurrency market, surpassing Ripple (XRP) and Cardano (ADA) in trading volume and boasting impressive market capitalization growth. The surge is accompanied by a rise in key metrics, including over 400,000 daily transactions on its layer-2 scaling solution, Shibarium, and a 220% increase in aggregated daily volume.

Shiba Inu Surges, Overshadowing Ripple and Cardano in Trading Frenzy

Shiba Inu (SHIB), a meme coin that has gained significant traction in the cryptocurrency market, has experienced a meteoric rise in trading volume, surpassing established cryptocurrencies such as Ripple (XRP) and Cardano (ADA).

According to data from CoinGecko, as reported by CryptoPotato, SHIB's trading volume surged past $2.3 billion in the last 24 hours, eclipsing XRP's $2.1 billion and ADA's $630 million. This surge in volume has been accompanied by impressive growth in market capitalization and transaction metrics.

Shibarium Surge Boosts Transactions

On March 26, SHIB-related metrics exploded, with daily transactions on the Shibarium blockchain exceeding 400,000. Additionally, aggregated daily volume for transactions worth over $100,000 jumped by an impressive 220%.

Shibarium, a Layer-2 scaling solution launched in August 2022, aims to enhance Shiba Inu's speed and reduce transaction fees. Its recent milestones include surpassing 400 million total transactions.

Meme Coin Market Surge

Shiba Inu is not the only meme coin experiencing a surge in popularity. Solana-based tokens such as dogwifhat (WIF) and Bonk Inu (BONK) have also gained significant value, allowing traders to capitalize on price spikes.

Notable stories include a SHIB trader who turned a $2,500 investment into over $1.5 million and a WIF investor who generated a $5 million profit from an initial $310 investment. It remains to be seen whether these individuals cashed out their holdings.

Upward Trend Continues for Cryptocurrency Market

The broader cryptocurrency market has resumed its upward trajectory, with Bitcoin (BTC) surpassing $71,000 and Ethereum (ETH) exceeding $3,600. The meme coin sector has outperformed the market, with Shiba Inu being a standout performer.

In the last 24 hours, SHIB's price has risen by 7%, while its weekly gain stands at 20%. Analysts, such as X-users SHIB KNIGHT and JAVON MARKS, predict further price appreciation if investor accumulation continues at its current pace.

As the cryptocurrency market continues to rally, it remains to be seen whether Shiba Inu can sustain its momentum and achieve even greater heights in the days to come.