Amid an impressive rise in the price of the Shiba Inu token, up nearly 180%, according to Coingecko, the number of requests for SHIB on the Binance crypto exchange has skyrocketed to second place.
The rapid increase in the token's value reflects users' enthusiasm for the crypto asset. According to statistics, about 33% of all transactions on Binance are related to SHIB tokens.
Shiba Inu shows a strong position and occupies the eighth position in terms of trading volume on Binance. The cryptocurrency's share of the exchange's total trading volume is 3% and has reached $32.13 billion against the USDT pair alone.
At the time of writing, SHIB was trading at $0.0000269, up 22.1% for the day and an impressive 181.7% for the week, according to Coingecko.
The Shiba Inu token's impressive rally began on March 1, and earlier this week the price soared to a two-year high, making SHIB the 11th largest crypto asset by capitalization.
Among the top altcoins, Shiba Inu was the growth leader this week, deservedly attracting increased attention from traders and investors. SHIB overtook the major cryptocurrencies to become the second most popular search term.
The platform's own token, BNB, remains the most popular among exchange users, according to Binance, with the Pepe coin in third place and Bitcoin (BTC) in fourth.
At the time of Shiba Inu's stunning success, Tron founder Justin Sun dumped 20 billion SHIB tokens on Poloniex, an exchange associated with his crypto empire.
Analytics resource PeckShield detected the transfer of 20 billion SHIB from the "Justin Sun 4" wallet on the morning of March 4 (at 08:54 UTC). The value of the transaction was 544.4 thousand US dollars.
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Some experts believe that this is a good time to take profits, and investors may consider this a good level. However, as SHIB continues to follow the Bitcoin growth trend, it may reach its ATH price in the near future.
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