Shiba Inu (SHIB) has been making waves in the cryptocurrency market lately. The cryptocurrency, created as a joke in 2020, has gained immense popularity due to its low price and high supply, making it an attractive option for retail investors. Recently, SHIB witnessed its highest weekly trading volume ever, with over $127 million worth of SHIB tokens changing hands. This surge in trading volume can be attributed to the increased interest in the cryptocurrency, as well as the growing popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs).
Shiba Inu Records the Largest Purchase Volume in the Week
Shiba Inu (SHIB), the second-largest meme coin, experienced a surge in trading volume as large buyers dominated the market, overwhelming selling pressure. In the past week, bullish investors achieved a remarkable milestone, with the volume of purchases made by influential buyers surpassing a staggering 10.25 trillion SHIB. On the other hand, the selling executed by the big bears fell short by 250 billion SHIB.
IntoTheBlock, a cryptocurrency intelligence agency, closely monitored the market activities and revealed that this period had recorded the highest trading volumes of this meme coin. Therefore, the substantial influx of investments from large buyers propelled the token’s trading volume to unprecedented heights.
Despite this surge, SHIB’s 24-hour trading volume plummeted by 25.74% to $127 million, indicating the possibility of a price reversal in the meme coin market. According to CoinMarketCap, SHIB is currently trading on the downside, dropping 4.05% in 24 hours to trade at $0.000008826.
RenQ Finance (RENQ) Gears Up to Repeat the Pepe (PEPE) Feat
While SHIB has been grabbing headlines, RenQ Finance (RENQ) has been quietly making strides in the DeFi space. RenQ Finance is a decentralized platform that aims to connect isolated blockchains and establish a cross-chain asset exchange network. The platform provides all necessary underlying support for the DeFi ecosystem, allowing for a safe, free, and transparent DeFi service.
Like SHIB, RenQ Finance has gained significant traction in the cryptocurrency market, with over 25,000 holders and $17.3 million raised so far in its ongoing presale. The platform has also shown impressive growth potential, with early investors seeing up to 175% gains on their investments. With experts predicting even more growth in the future, RenQ Finance could be poised to repeat the success of Pepe (PEPE), another meme-inspired cryptocurrency that saw significant returns for early investors.
RenQ Finance vs. Shiba Inu: Which Is the Better Investment?
While both RenQ Finance and Shiba Inu have their strengths, they offer different value propositions for investors. Shiba Inu has gained popularity due to its low price and high supply, which can make it an attractive option for retail investors. However, the lack of real-world use cases and utility may limit its long-term growth potential.
On the other hand, RenQ Finance offers a unique platform that aims to connect isolated blockchains and establish a cross-chain asset exchange network, providing all necessary underlying support for the DeFi ecosystem. The platform’s focus on innovation, strong community support, and growth potential make it a compelling investment opportunity for those interested in the DeFi space.
Ultimately, the decision of which cryptocurrency to invest in depends on the individual investor’s risk tolerance, investment goals, and research. As with any investment, it’s important to conduct thorough research and invest wisely to minimize risk and maximize potential returns.
Conclusion
While SHIB may be grabbing headlines with its record-breaking trading volume, RenQ Finance is quietly positioning itself to become a major player in the DeFi space. With its innovative platform, strong community support, and potential for growth, RenQ Finance is a promising investment opportunity for those interested in the decentralized finance ecosystem. However, investors should always conduct thorough research and invest wisely to minimize risk and maximize potential returns.
Disclaimer :This post was authored by an external contributor and does not represent TheNewsCrypto’s opinions. This content is for informational purposes only and not intended to be investing advice.
Source: https://thenewscrypto.com/shib-witnesses-the-highest-weekly-volume-ever-renq-finance-renq-gears-up-to-repeat-the-pepe-pepe-feat/