Binance exchange contributes for more than 30% of all SHIB spot trades worldwide.

The famous meme cryptocurrency  Shiba Inu has continued to gain listings on numerous exchanges, however Binance and its affiliates account for a sizable portion of the coin’s spot trading volume.

According to CoinMarketCap statistics, as of January 8, roughly 30.54% of SHIB’s spot trading volume was on Binance, with the exchange’s main platform accounting for the largest proportion at 21.31%.

Binance.US accounts for 0.87% of Shiba Inu trading volume.

Coinbase’s share of SHIB’s trading volume is at least three times that of Binance, which ranks second with roughly 13%.

SHIB’s trading volume on Binance can be attributed to the exchange’s position as the world’s leading cryptocurrency trading platform. As a result of the increase in SHIB’s recognition and value, the exchange has served as an ideal entry point for most investors to become engaged in the coin.

The token’s rise has been fueled by smaller individual investors, who continue to outnumber one million.

With Binance accounting for the vast bulk of SHIB trading activity, the token has failed to cope with the broad volatility that has afflicted the cryptocurrency market as a whole. According to our recent analysis, SHIB’s market capitalization fell by $3.5 billion between January 1 and January 8, 2022, from $18.68 billion to $15.16 billion.

The coin, which has benefited greatly from social media activity, has also continued to expand on numerous platforms, reaching over 2.5 million followers. As a result, SHIB’s expansion is drawing possible listing on other trading platforms.

For example, SHIB enthusiasts began lobbying for the coin’s inclusion on the retail trading platform Robinhood in 2021. The supporters started an internet petition to get the listing. By press time, the petition headed “Kindly request of Robinhood to list Shiba Inu coin!” has received over 550,000 signatures.

Additionally, reports of SHIB’s prospective Robinhood listing have resurfaced, adding to the coin’s rise. The listing might happen as early as February.

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Patrick

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