Over the past several months, SHIB had a much greater trading volume on OKEx last month, according to key data.
“SHIB has attracted retail attention in a huge manner in the past couple of weeks,” Hunain Naseer, senior editor at OKEx Insights, told Benzinga. According to data released by the exchange, Shiba Inu’s volume surpassed $11 billion in October, while Dogecoin’s volume was only at $7.7 billion.
Shiba Inu drew so much attention, according to Naseer, “primarily because of its price point and substantial gains.” He also feels that “retail traders who missed out on the massive DOGE rise earlier this year viewed SHIB as another potential for comparable returns, fueling the frenzy even further.”
Shiba Inu is now trading at $0.00005933, up 18 percent in the past 24 hours, according to CoinMarketCap. This is still 55% behind the peak of $0.00008719 in late October.
“While memecoins can spike owing to retail fear of missing out, they nearly always slide back heavily,” Naseer added, “thus while memecoins can surge due to retail fear of missing out, they almost always fall back majorly.”
While some investors may be waiting for a bounce that may never come, Naseer pointed out that “memecoins are not entirely bad for the space” because “they act as a gateway for a lot of retail investors who then get a chance to explore the space further and learn how it spans much more than their favourite memes and dog breeds.”
For the time being, Naseer anticipates that the memecoin positive trend will continue, “particularly as the bull market stays on track.” Nonetheless, he believes memecoins will “become mainstays in most cryptocurrency portfolios because to their potential for outsized returns in a very volatile and frequently unexpected market” near the conclusion of current bull cycle.