Shiba Inu Trading Volume Surges 199% After Solana Debut
Shiba Inu (SHIB) has expanded its reach to the Solana blockchain, sparking a massive 199% surge in trading volume within 24 hours. The meme coin, traditionally tied to Ethereum, is now accessible to Solana users via the Sunrise bridge protocol. This move opens new liquidity channels and trading opportunities for one of the most widely held digital assets in the market.
The official Shiba Inu account announced the launch on X with a playful message: "Different chain. Same dog. Have we mentioned $SHIB is on Solana yet? We have? Good. Just checking." The integration allows SHIB's canonical Ethereum representation to move across chains without altering its underlying ERC-20 supply. CoinMarketCap data shows SHIB's 24-hour trading volume climbed to approximately $101 million, with the token trading near $0.000005943, up about 2% over the previous day.
Sunrise, the protocol behind the bridge, deployed SHIB using the Wormhole NTT standard, enabling Solana users to access SHIB through key trading and DeFi platforms like Jupiter aggregator, Raydium decentralized exchange, Phantom wallet, and Kamino lending protocol. Early figures showed about $514,000 in pool liquidity, indicating quick market maker response. Solana's lower transaction costs, averaging just 0.000005 SOL per transaction, make it an attractive option for retail traders.
The original SHIB supply remains unchanged, with the token's native version continuing to operate as an ERC-20 asset on Ethereum. The Shibarium layer-2 network functions independently. The PEPE token's similar move to Solana two weeks earlier saw a 40% gain within days, highlighting the potential and volatility of such cross-chain expansions.
SHIB's price action heading into the Solana launch was constructive, trading above key moving averages. The token faced immediate resistance at $0.00000596, with liquidation concentrations around $0.00000610 and $0.00000630. The broader market context shows renewed appetite for higher-risk crypto assets, with the memecoin sector's market capitalization climbing 43% in Q3.