Shiba Inu remained to be the most popular meme-currency in August as it ended up being the second most traded crypto in the month, just below Tether. SHIB enjoyed a $1.89 trillion trading volume and triumphed over giants such as Bitcoin and Ethereum.
Shiba Inu positioned itself being two times higher than Bitcoin and and three times higher than Ethereum, as the two leading cryptos had a trading volume of $1.03 trillion and $743.98 billion respectively.
Tether took the first spot with a staggering $2.79 trillion in trading volume in August and dominated the crypto market. Its price is hovering around a dollar.
The main reason Shiba Inu seems attractive and defeated biggies such as Bitcoin and Ethereum is its low hanging price that gives every investor 'purchasing power' as its available for less than a cent and investors pour in their money getting millions of coins in return.
Another factor for SHIB to be attractive is investors feel Bitcoin and Ethereum are too expensive and have missed the early bus and believe Shiba Inu could deliver them riches in the long term when it someday reaches 1 Cent or even $1.
Shiba Inu was also the third most talked about cryptocurrency in August 2021 and was behind Bitcoin and Ethereum in just a few numbers, as reported by ICO Analytics.
Data from Etherscan also shows that SHIB's popularity is growing by the day as the coin managed to add close to 1,000 new investors every day into its fold. The coin is expected to swing 25% in September from its present value as its holding on to its resistance levels.
The coin recently got listed in eToro and WeBull trading platforms and reports are doing the rounds that Robinhood and Coinbase are working towards listing SHIB on the respective apps.
The cryptocurrency market gave a good performance in August 2021 and several coins held on to their resistance levels reaching new weekly highs. The overall sentiments remained bullish and investors remained positive about the markets prospects.
Shiba Inu, at the time of publishing, was trading at $0.00000726 and is up 5.83% in the days trade.