Shiba Inu, a Dogecoin clone, has become the most traded cryptocurrency on Coinbase in less than a month since its listing on the leading US exchange.
SHIB’s 24-hour trading volume is currently $1.3 billion, putting it comfortably ahead of Bitcoin’s $774 million.
The canine coin has re-entered the top 30 largest cryptocurrencies by market cap after surging by more than 80% in just 24 hours.
Its daily trading volume has increased by a whopping 553 percent in just one day.
Despite its recent surge, Shiba Inu is still 52 percent off its all-time high of $0.00003791.
Back in May, the cryptocurrency was riding the canine coin wave alongside Dogecoin. The fact that Ethereum co-founder Vitalik Buterin burned 90% of his SHIB tokens added fuel to SHIB’s rally.
Then, due to the broader market correction, the uptrend came to a halt, with the token’s price plummeting 89 percent from the peak.
Musk’s recent photo of his Shiba Inu puppy, as well as rumors of a Robinhood listing, are thought to be some of the main reasons for the ongoing recovery.