The Shiba Inu Token gained the attention of the Chinese market as an alternative to popular memecoin Dogecoin, Forkast reported.
- Cryptocurrency exchange Gate.io reported over $500 million of daily trading volume on Shiba Inu.
- Over 180 million individuals read the #SHIB topic with over 7,500 discussions on the topic in Weibo since Friday.
- The exchange said it was inevitable that a new player would come and serve as an alternative to Dogecoin.
- Much enthusiasm has been seen in the market, and China “cannot get enough of Shiba,” according to Gate.io.
- The surge in interest in Shib reportedly caused backlogs in exchange registrations as capacity was not enough to process all the know-your-customer requirements.
Shiba Inu was last trading at $0.0000268 according to CoinMarketCap while Dogecoin was at $0.477274.