Memecoins Shiba Inu, Dogecoin See Most Turnover After Bitcoin, Ethereum On OKX Spot Trading

Meme-based cryptocurrencies saw a fair amount of trading activity across major crypto exchanges over the last day.

What Happened: Data shared by Jay Hao, CEO of crypto exchange OKX, shows that Dogecoin DOGE/USD and Shiba Inu SHIB/USD saw the largest turnover, right behind Bitcoin BTC/USD and Ethereum ETH/USD, on spot trading over the last 24 hours.

#Memecoins like $SHIBA and $DOGE ranked only behind $ETH and $BTC with the third and fourth largest turnover on #OKX spot trading in the last 24 hours  pic.twitter.com/R9JWHVnwPW

— jay_star.okx  OKX CEO (@star_okx) August 15, 2022

SHIB saw a turnover of $128.5 million over the last day, while DOGE saw a turnover of $64.44 million over the same period.

OKX is one of the 20 largest crypto exchanges measured by trading volume. At the time of writing, it had an average daily trading volume of $1.9 billion, as per data from CoinMarketCap.

Another sign of the surge in retail trading activity for these meme coins is the relatively high level of liquidations seen in both SHIB and DOGE.

Over the last 24 hours, SHIB saw $3.19 million worth of liquidations with DOGE recording $3.26 million in liquidations, as per data from CoinGlass.

See Also: IS SHIBA INU (SHIB) A GOOD INVESTMENT?

SHIB gained close to 40% on Monday, rallying from $0.0000127 to a three-month high of $0.0000177. DOGE rallied 12% from $0.074 to an intraday high of $0.083 on the day.

At press time, SHIB was trading at $0.0000161, down 0.55% over the last 24 hours, as per data from Benzinga Pro. DOGE was trading at $0.08, down 0.66% over the same period.