Shiba Inu (SHIB) Outperforms Ripple (XRP), Solana (SOL), and Cardano (ADA) in This Important Metric: Details

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TL;DR

  • Shi­ba Inu sees sig­nif­i­cant gains for anoth­er con­sec­u­tive day.
  • The token flipped some of the lead­ing alter­na­tive coins in terms of trans­ac­tion volume.

The ral­ly of Shi­ba Inu (SHIB), wit­nessed in the past few days, seems to be going strong. The asset’s price is well in the green today (March 4), surg­ing by 30% in the last 24 hours and 180% on a week­ly scale.

In addi­tion, SHIB’s mar­ket cap­i­tal­iza­tion exceed­ed $16 bil­lion for the first time in two years, mak­ing it the 12th biggest cryptocurrency.

The impres­sive per­for­mance sur­round­ing the sec­ond-largest meme coin does not end here. Accord­ing to CoinGecko’s data, SHIB’s dai­ly trad­ing vol­ume has reached $5.4 bil­lion at the time of this writ­ing, thus sur­pass­ing some lead­ing altcoins. 

Solana’s SOL has expe­ri­enced a trad­ing vol­ume of around $3.2 bil­lion for the same peri­od, Ripple’s XRP has account­ed for $2.1 bil­lion, while Car­dano (ADA) lags with $1.2 billion.

Shi­ba Inu’s gains coin­cide with the spike of numer­ous indi­ca­tors relat­ed to its ecosys­tem. As Cryp­toPota­to report­ed, the asset’s burn­ing rate explod­ed by 30,000% at the end of last week, while total trans­ac­tions on Shibar­i­um near the 400 mil­lion mark.

The lat­ter is a layer‑2 scal­ing solu­tion designed to ele­vate SHIB above its rivals by low­er­ing trans­ac­tion fees and improv­ing speed. More infor­ma­tion about the net­work could be found in the video below:

The over­all mar­ket revival and the fren­zy sur­round­ing the meme coin sec­tor sig­nal that SHIB might be on the verge of a fur­ther price explosion. 

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