Shiba Inu‘s trading volume surpasses that of Bitcoin
11:01, 28 October 2021
Shiba Inu’s trading volume over the last 24 hours surpassed that of the flagship cryptocurrency Bitcoin.
Traders who bought and sold the dog-themed cryptocurrency exchanged more than $46bn (£33.5bn) in the last day, while there was $40.7bn worth of flows between Bitcoin buyers and sellers in the same period, according to data on CoinMarketCap.com
This makes Shiba the second most traded cryptocurrency of the day, behind Tether which had a trading volume above $125bn in the same period; and ahead of the fourth-ranked Ethereum with a daily trading volume above $23.7bn.
Record-breaking rally
Shiba has been on a record-breaking streak in the last days, fuelled also by rumours and hopes, that the meme-cryptocoin will be listed for trading on an US retail trading platform Robinhood.
On the back of this rally, Shiba broke into the top ten cryptocurrencies by market capitalisation on Thursday morning and quickly advanced ahead of Dogecoin and Polkadot, claiming the eighth spot. Shiba’s market capitalization stood at $42.3bn at the time of writing.
Shiba Inu gained more than 32% over the last 24 hours and over 176% week-on-week at the time of writing. It was trading at its record high of $0.00007776.
Read more: Shiba Inu meme crypto surges on picture of rich man's dog
With CFDs, you never actually buy or sell the underlying asset that you’ve chosen to trade. You can still benefit if the market moves in your favour, or make a loss if it moves against you.
However, with traditional stock trading you enter a contract to exchange the legal ownership of the individual shares for money, and you own this equity.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional stock trading, you buy the shares for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks.
CFDs attract overnight costs to hold the trades, (unless you use 1-1 leverage) which makes them more suited to short-term trading opportunities. Stocks are more normally bought and held for longer. You might also pay a stockbroker commission or fees when buying and selling stocks.
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