Meme tokens have surged to the forefront of the cryptocurrency market in recent weeks, as indicated by data from Kaiko, a leading provider of cryptocurrency market data. According to their latest report, meme tokens have experienced remarkable gains, propelling the weekly trade volume to an astonishing multi-year high of nearly $80 billion.
The standout performer among these meme tokens is Shiba Inu (SHIB), which has emerged as the undisputed leader in trade volume for the past week. With a staggering $31 billion in trade volume, SHIB has surpassed not only its fellow meme coin Dogecoin (DOGE), which recorded $23 billion in trade volume, but also other prominent non-meme altcoins, such as Solana (SOL).
The surge in SHIB’s trading activity is illustrated vividly in the accompanying chart, depicting a meteoric rise in meme coin market activity over the course of just 12 days in March. Tokens like WIF, DOGE, SHIB, PEPE and others have witnessed their trading volumes double, reaching unprecedented levels in the tens of billions of dollars.
SHIB’s ascent to the top of the meme coin hierarchy is underscored by its remarkable price growth. Since the beginning of March, the price of SHIB has surged by an impressive 154%, peaking at $0.00004567 per token. This surge has catapulted it into the ranks of the top ten cryptocurrencies by market capitalization, a feat that few would have predicted for a meme token just a short while ago.
The newfound prominence of SHIB reflects a broader trend in the cryptocurrency market, where meme tokens are garnering increasing attention and investment. Despite their initially whimsical nature, meme tokens like SHIB have demonstrated significant potential for value appreciation, attracting a new wave of investors eager to capitalize on the meme coin craze.