Shiba Inu ($SHIB) Trading Volume Exceeds That of Ethereum ($ETH) for a Brief Period

The trading volume of Shiba Inu ($SHIB), a meme-inspired cryptocurrency, suddenly topped that of Ethereum (ETH), the second-largest cryptocurrency by market value.

According to cryptocurrency tracker Watcher Guru, SHIB's trade volume eclipsed Ethereum's in the recent 24-hour period. The trading volume of the cryptocurrency has grown, as has interest in it and its price, which just reached a new all-time high.

The cryptocurrency's trading volume has skyrocketed in the past 24 hours after an account promoting the meme-inspired cryptocurrency inquired about Tesla and SpaceX CEO Elon Musk's holdings of SHIB. Musk has been a strong supporter of rival meme-inspired cryptocurrency Dogecoin ($DOGE).

Musk responded with a single word, "none," precipitating a dramatic drop in the cryptocurrency's price, which was down more than 10% at one point. Musk was then questioned about another meme-inspired cryptocurrency, Floki Inu, to which he responded that he had only purchased Bitcoin, Ethereum, and DOGE.

SHIB's trading volume has also increased significantly as a result of its token's recent burn rate. ShibaSwap, the project's decentralized exchange, has updated its listing plans to add more pairings and pools to the decentralized exchange in order to burn $25,000 worth of SHIB and LEASH tokens. Additionally, some token pools on the market created a burning procedure to permanently remove tokens from circulation.

Additionally, the project stated that the recently concluded Shiboshi NFT sale would include a token burning mechanism, and that SHIB transactions with cryptocurrency payments service NowPayments will also have a burn rate.

Along with giving tokens to Ethereum co-founder Vitalik Buterin and locking tokens on Uniswap, these practices have resulted in a dramatic decrease in SHIB's circulating quantity.

Although the cryptocurrency's extraordinary price success has elevated it to the 11th most valuable cryptoasset by market value, not everyone is a fan. Michael Burry, the financier most known for his profitable bet on the housing boom before of the 2008 financial crisis, which was memorialized in the book and film "The Big Short," has revealed he is not a Shiba Inu lover.

Scion Asset Management's head of asset management repeated Coinbase's description of the cryptocurrency and emphasized its massive supply, which surpasses one quadrillion tokens, in a now-deleted tweet, writing:

Simply put, one quadrillion seconds is about 32 million years. One quadrillion days is equal to 2.7 trillion years, or ALL OF TIME, from the universe's inception multiplied by 71,000. In other terms, superfluous.

Supporters of the famous meme-inspired cryptocurrency have been joining a petition to get their coin listed on commission-free trading site Robinhood (NASDAQ: HOOD).

The petition, titled "Kindly request that Robinhood offer Shiba Inu currency," now has over 310,900 signatures and is on track to hit 500,000. It notes that Robinhood just featured Dogecoin, which the trading site describes as a "great success."


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