With a 70 percent price increase, SHIB surpasses XRP, DOGE, and Solana in terms of trading volume.

Shiba Inu (SHIB), a decentralized meme currency, has risen over 70% in a single day and over 220 percent in the last week.

According to the latest CoinMarketCap.com data, the digital asset is currently placed among the top 20 cryptocurrencies in terms of market value, with a market worth of $9.3 billion.

Furthermore, with almost $14 billion exchanged in the past 24 hours, the meme currency has surpassed Dogecoin (DOGE), XRP, and Solana (SOL) as the fourth most traded asset. The token that competes with DOGE and has a Shiba Inu as its mascot is now selling at $0.00000221, up 69.18 percent in the last 24 hours and 214.75 percent in the past week.

In fact, crypto broker Coinbase revealed last month that SHIB is now available to clients through the company's iOS and Android mobile applications for the first time.

The Shiba Inu community reacted positively to Coinbase's move, sending the cryptocurrency up 31.9 percent in only 24 hours.

On September 16, Shiba Inu was added to Coinbase, making it more accessible to the millions of bitcoin traders who use the exchange. Previously, traders had to use Uniswap or a similar site to exchange the currency, which was more difficult for new crypto investors to understand.

Demand in the retail sector

Notably, the hashtag #SHIB has featured in the top ten most popular tweets on Twitter many times in the last 24 hours, and the rising amount of searches is driving the currency's price to rise.

Shiba Inu is in a similar situation to DOGE in that it may continue to be added to crypto trading platforms if it continues to gain popularity and attention from retail cryptocurrency traders.

Since a consequence of the attention, it's believed that Shiba Inu will be included when Robinhood releases its official cryptocurrency wallets, as the meme-inspired coin Dogecoin accounted for 62 percent of cryptocurrency income.

When you combine an increase in search interest, social media trends, and the Shiba Inu's inclusion in Robinhood, the coin's value is expected to continue to rise, as many people wonder whether Shiba Inu will ever reach one cent.

Trends in social media

Although there are initiatives focused on SHIB tokens, such as the incubator for non-fungible token (NFT) art and the recently established ShibaSwap decentralized exchange, the asset's popularity online as a meme currency has seen the asset's price rise the greatest.

For example, it is comparable to DOGE in that Tesla (NASDAQ: TSLA) CEO Elon Musk may have boosted the price of SHIB tweets with his new Shiba Inu Puppy called ‘Floki,' keeping the currency in the mainstream crypto arena.

Furthermore, the Shiba Inu team is well-known for giving a large portion of the SHIB supply to Vitalik Buterin, who then donated it to a charitable organization after receiving it. On September 24, Buterin's SHIB contribution to India was turned into $76.2 million worth of stablecoins. Finally, on Saturday, October 2, the same whale purchased 116 billion coins, 159 billion coins, and finally 1 billion SHIB coins all within a few hours of each other on the same day, totaling 276 billion SHIB.


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