The trading volume of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has briefly surpassed that of the second-largest cryptocurrency by market capitalization Ethereum (ETH) by over $1.6 billion.
According to cryptocurrency tracker Watcher Guru, in the last 24-hour period SHIB’s trading volume surpassed that of Ethereum. The cryptocurrency’s trading volume exploded along with interest for it and its price, which recently hit a new all-time high.
The cryptocurrency’s trading volume exploded over the last 24 hours after an account supporting the meme-inspired cryptocurrency asked Tesla and SpaceX CEO Elon Musk, who has been a vocal supporter of rival meme-inspired cryptocurrency Dogecoin ($DOGE) how much SHIB Musk was holding.
Musk replied with one word, “none,” leading to a significant crash in the price of the cryptocurrency, which at one point was down more than 10%. Musk was then asked about another meme-inspired cryptocurrency, Floki Inu, to which he replied he only bought BTC, ETH, and DOGE.
SHIB’s trading volume also surged because of its token’s recent burn rate. The project has a decentralized exchange called ShibaSwap, which recently updated its listing plans to get new pairs and pools added to the decentralized exchange to burn $25,000 worth of SHIB and LEASH tokens to be created. Some token pools on the exchange also implemented a burning system to destroy tokens and permanently remove them from circulation.
On top of that, the project has revealed that the recently released Shiboshi NFT sale has a token burning mechanism, while SHIB transactions made with the cryptocurrency payments provider NowPayments will incur a burn rate as well.
These policies, along with sending tokens to Ethereum co-founder Vitalik Buterin and locking tokens on Uniswap, have seen SHIB’s circulating supply drop drastically.
The cryptocurrency’s incredible price performance has seen it become the 11th most valuable cryptoassets by market capitalization, but not everyone’s a fan. Michael Burry, the investor best known for his lucrative bet against the housing bubble ahead of the 2008 financial crisis that was immortalized in the book and movie “The Big Short,” has revealed he is not a fan of Shiba Inu
In a now-deleted tweet, the head of Scion Asset Management shared Coinbase’s description of the cryptocurrency and highlighted its supply, which exceeds one quadrillion tokens, saying:
Just saying, one quadrillion seconds is about 32 million years. One quadrillion days is 2.7 trillion years, or ALL of TIME, from the beginning of the universe, multiplied by 71,000. In other words, pointless.
Supporters of the popular meme-inspired cryptocurrency have been signing a petition asking commission-free trading platform Robinhood (NASDAQ: HOOD) to list their cryptocurrency on their platform.
The petition, titled “Kindly request of Robinhood to list Shiba Inu coin” has, at press time, over 310,900 signatures from backers and is looking to reach 500,000. It mentions that Robinhood has listed Dogecoin that was a “huge success” for the trading platform.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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