Shiba Inu Coin (SHIB) recovered from its Elon Musk crash yesterday, with the SHIB/USDT pair briefly topping Binance’s 24-hour trading volume.
At 7:04 PM BST on October 26, the SHIB/USDT 24-hour volume was $2.8bn - $400m above the BTC/USDT volume of $2.4bn.
Since SHIB reached the top of the Binance trading charts, Bitcoin has regained its spot at the top. As of 8:11 AM BST, BTC/USD has a 24-hour volume of $2.2bn compared with the SHIB/USDT volume of $1.78bn.
SHIB Recovers After Elon Musk Tweet
After SHIB reached a new All-Time High (ATH) of $0.00004389 over the weekend, it suffered from a significant drop when self-described Dogefather Elon Musk said he did not own any SHIB.
However, the memecoin recovered to a high of $0.00004334 yesterday as both hodlers and new investors saw the price drop as an opportunity to buy.
SHIB/USDT remains the second-most traded on Binance. It beats out the likes of ETH/USDT and DOGE/USDT, which have 24-hour trading volumes of $1.44bn and $557m, respectively.
However, SHIB’s trading volume is dropping. Its total volume (via CoinMarketCap) is $6.3bn (or 153 trillion SHIB) - down 59% in the last 24 hours. According to Coinbase, 80% of its customers trading SHIB were ‘buying’, or increasing their holdings.
58% of Bitcoin trades, 63% of Ethereum trades, and 57% of Dogecoin trades were ‘buys’ at the time of writing, reports Coinbase.
Yesterday morning, SHIB even temporarily overtook Ethereum’s total volume traded.
Even with this sharp drop in activity, SHIB remains the fourth most-traded cryptocurrency, beaten only by Bitcoin, Ethereum, and Tether.
SHIB’s volume peaked at over $20bn on May 7, before dropping as low as $180m in August.
ShibaSwap, the Shiba ecosystem exchange first launched in July, also recorded its second-highest daily volume on October 24. It reached $303m in volume.