Shiba Inu (SHIB), a leading meme token in the cryptocurrency market, has recently been outpaced in trading volume by a competitor. The WEN meme token on the Solana network has seen a surge in activity, surpassing SHIB’s trading volume over the last 24 hours.
WEN’s trading volume reached $115.08 million, exceeding SHIB’s $88.60 million, as reported by SolanaFloor. This shift may signal changing investor interests in the meme token sector. Despite WEN’s volume spike, its price has not been significantly impacted, with a 9.35% drop following the rise.
SHIB maintains a high social volume, suggesting a steady level of discussion across social networks. This popularity could contribute to its price resilience. SHIB’s market movements are still influenced by other major players like Dogecoin (DOGE) and Bonk (BONK), despite a temporary dip in volume from new investors.
Data from Santiment indicates that the market value trends of meme tokens, including SHIB, DOGE, and BONK, are closely aligned. SHIB’s established presence in the crypto market may protect it from the fleeting successes of newer tokens.
In summary, while SHIB remains a dominant meme token, WEN has made a notable leap in trading volume on the Solana network. The competition among meme tokens is reflected in these market dynamics, with SHIB retaining its social influence and market value despite WEN’s recent performance.