Shiba Inu (SHIB), the cryptocurrency that started as a meme, has ascended to become the fourth most traded cryptocurrency in the global market, according to CoinGecko data.

This achievement marks a significant milestone for SHIB as it continues to gain traction among investors and traders alike.

Notably, SHIB/USDT has become the second most-traded cryptocurrency pair on Binance, trailing only behind the heavyweight BTC/USDT pair.

The red-hot meme coin has staged a massive comeback, surging by a whopping 111% over the past seven days alone, according to data provided by CoinGecko.

Top coins by trading volume

The current trading volume leaderboard sees Tether (USDT) maintaining its position at the top, with a staggering $52.8 billion in trades. Despite its various controversies, it remains the preferred stablecoin for cryptocurrency traders with a massive market capitalization of roughly $100 billion.

Bitcoin (BTC) and Ethereum (ETH) follow, with $22.1 billion and $12.7 billion in trading volume, respectively.

Shiba Inu's (SHIB) trading volume has reached $5.7 billion, a testament to its rising popularity and investor interest.

It has managed to outpace other notable cryptocurrencies such as USDC, Bitcoin Cash (BCH), Dogecoin (DOGE) and Solana (SOL).

Talk of the town

Social media buzz around Shiba Inu has reached unprecedented levels, according to data from LunarCrush. Over the last month, social interactions concerning SHIB have skyrocketed by over 1,520.6%, propelled by what has been dubbed as "meme season."

However, amid this wave of enthusiasm, it is essential to note that SHIB is still down 76% from its all-time high.

The popular meme cryptocurrency reached its current all-time high in late October 2021.