Only 1.59 percent of Shiba Inu trading runs in euros: SHIB vs Bitcoin in the order book

The euro plays a minor role in Shiba Inu trading, and a smaller one than the Turkish lira. A proprietary analysis of the hundred highest-turnover trading pairs, taken on Monday afternoon, October 19, 2026, puts the euro at 1.59 percent of all reported daily turnover. The lira accounts for 6.54 percent, the Korean won for 5.16 percent. Four fifths of the trading runs through the dollar stablecoin USDT.

For an investor in Germany, that is not a statistic at the margin. The share determines how tightly bids and offers sit in your order book, how far apart bid and ask prices lie, and how much a larger order moves the price. For where the price could reach over a horizon of months, see our Shiba Inu price prediction. This piece looks at what sits between your order and that price.

Shiba Inu in euros: 1.59 percent of trading, the lira carries four times as much

SHIB traded at $0.00000502, or 0.00000446 euros, on Monday afternoon, up roughly 2.2 percent over 24 hours. The daily high was $0.00000504, the low $0.00000480. Over one week the coin is down 7.5 percent, over thirty days 8.7 percent, over twelve months 50.7 percent. Market capitalisation stands at about $2.95 billion, rank 36 in the overall market. All figures come from CoinGecko, retrieved on the afternoon of October 19.

More telling than the price level is which currencies that trading runs through. Across the fifteen counter-currencies in the top 100 pairs, the split looks like this:

• USDT: $41.04 million, 80.51 percent
• Turkish lira: $3.34 million, 6.54 percent
• Korean won: $2.63 million, 5.16 percent
• USDC: $1.35 million, 2.65 percent
• US dollar: $1.28 million, 2.51 percent
• Euro: $0.81 million, 1.59 percent

That leaves the euro in sixth place, behind two currencies from countries whose crypto markets have traditionally been carried by retail investors. Turkish demand for dollar-linked and speculative assets follows from the country's history of inflation, and the Korean market has for years been treated as a world of its own, with price premiums to match. The German investor trades in a book smaller than either.

How this analysis was produced

The figures come from a query of our own. On October 19, 2026 we called CoinGecko's public interface for the Shiba Inu trading pairs, sorted by turnover, first page with one hundred pairs. For each pair the interface reports 24-hour turnover converted into dollars, along with the bid-ask spread in percent as quoted at that moment. The sum across all hundred pairs came to $50.98 million. The same provider's coin endpoint gives $47.7 million of total turnover for the same period; the gap between the two numbers stems from different retrieval times and from the pair list ending at one hundred entries. Both values are quoted here rather than smoothing one of them away. The method is set out in the documentation for the interface and can be repeated by anyone.

Two caveats belong with it. First, exchanges report their own turnover, and not every report carries the same weight. Second, a bid-ask spread is a snapshot; it moves through the day, and more sharply in thin books than in deep ones. The orders of magnitude below do not change because of that, the second decimal place does.

Seven euro pairs and $811,651 a day

Behind that 1.59 percent sit seven trading pairs against the euro, carrying $811,651 of daily turnover between them. This is how they split, each with the bid-ask spread quoted at the time of retrieval:

• Bitvavo: $311,683, spread 0.074 percent
• Kraken: $156,937, spread 0.022 percent
• Bit2Me: $153,798, spread 0.022 percent
• Niza.io: $78,469, spread 0.045 percent
• WhiteBIT: $61,255, spread 0.670 percent
• Coinbase: $25,540, spread 0.224 percent
• Binance: $23,969, spread 0.224 percent

On the arithmetic, each of those pairs carries around $116,000 of turnover a day, or roughly $4,800 an hour. The largest euro pair averages about $13,000 an hour, the two smallest around $1,000. An order of 10,000 euros is no longer a routine event on those smaller venues; it is a noticeable slice of hourly turnover.

The spread varies 30-fold

The bid-ask spread is the gap between the highest bid and the lowest offer in the order book. That gap is a cost that no fee schedule discloses: buy immediately at the market price and you pay the ask, sell immediately and you receive the bid, and the difference stays in the market.

Between the cheapest and the most expensive euro pair on the measurement day sits a factor of 30, from 0.022 to 0.670 percent. Same coin, same blockchain, same day, and still a thirtyfold difference in invisible costs depending on the venue. For Bitcoin, where euro books are considerably deeper, the same range at the major venues runs to a few hundredths of a percent.

What an order of 1,000 euros actually costs

A simple calculation makes the scale tangible. Buy 1,000 euros of SHIB and sell it again later, and you pay the bid-ask spread once in full, on top of the exchange's order fee:

• 0.022 percent spread: around 0.22 euros
• 0.074 percent spread: around 0.74 euros
• 0.224 percent spread: around 2.24 euros
• 0.670 percent spread: around 6.70 euros

In absolute terms that sounds harmless. It becomes decisive in two patterns. The first is the savings plan: buy 100 euros twelve times a year and you pay the spread twelve times, and on the most expensive venue that single line item adds up to a noticeable share of the annual return on a coin that has already lost half its value over twelve months. The second is the large single order: in thin books the quoted spread is not the end of it, because the order consumes the top offers and eats into deeper, worse price levels. That second effect appears in no spread statistic; it shows up only on the settlement note.

The trading fee itself is well above the spread at most venues and remains the larger line item. Current tiers are published by the providers themselves, for instance in Kraken's fee schedule. Which platforms trade under a MiCA licence in Germany and what they charge per order is set out in our overview of regulated crypto exchanges.

Bitcoin as a yardstick: 175 times the euro volume

Whether $811,651 is a lot or a little only becomes clear against a second coin. Same query, same day, same method, applied to Bitcoin: there, $142.17 million runs through euro pairs. That is 175 times the Shiba Inu figure. In percentage terms the euro is actually lower for Bitcoin, at 0.44 percent, because the overall Bitcoin market is incomparably larger at $32.29 billion a day. In practice, though, what counts is the absolute depth of the book your order lands in, not its share of a global total.

The difference feeds straight through to the spread. At the largest euro venue it stood at 0.011 percent for Bitcoin and 0.074 percent for Shiba Inu, close to seven times as wide. At Kraken the figures were 0.013 against 0.022 percent. Trade both coins in euros on the same venue and you reliably pay more for the smaller one, and that premium is not an exchange's error but the result of demand.

The detour via USDT and its tax catch

Because the dollar books are deeper, a detour suggests itself: swap euros into USDT, then buy SHIB against USDT. That can work out in trading terms, since the USDT book carries $41 million of turnover against $0.81 million in the euro book. Against it, two spreads apply instead of one, on the euro-USDT swap and on the USDT-SHIB purchase, and two more on the way back.

The catch lies elsewhere. Under German tax law, swapping one cryptocurrency for another is a private disposal under section 23 of the Income Tax Act, and a stablecoin is not exempt from it. Swapping euros into USDT triggers nothing in itself, because the euro is legal tender. But swap USDT for SHIB and later SHIB back into USDT, and you have two tax-relevant events instead of one, each with its own acquisition and disposal date. With a coin that moves sharply in a short time, that creates documentation work which a direct euro pair never generates. How long you have to hold for gains to stay tax-free, and how lawmakers are currently handling it, is covered in our continuously updated overview of the state of the holding-period reform. Tools that record every single swap automatically take the job of reconstruction off your hands.

What has changed since the October 18 analysis

Yesterday this space dealt with the supply side: 99.96 percent of all SHIB is in circulation and no major unlock date is pending, as the analysis of circulating supply showed. That figure has not moved since, with circulation still at roughly 589.24 trillion tokens out of 589.50 trillion in total.

That is precisely why the question shifts. If no pressure is coming from the supply side for the foreseeable future, the demand side decides, and demand is measured where trading actually happens. The price has gained around 2.2 percent since yesterday but remains 7.5 percent down on the week. The explanation for that is not in the circulating supply but in books that, on an ordinary Monday, move less than $51 million between them, against a market capitalisation of $2.95 billion.

Our assessment: the venue weighs more here than the price view

In the editorial team's view, the choice of venue is currently the lever with the best ratio of effort to effect for Shiba Inu. The evidence sits above: a factor of 30 between the cheapest and the most expensive quoted euro spread on the same day, a euro book with $811,651 of turnover, and a difference of roughly 6.70 against 0.22 euros per 1,000 euros traded from the spread alone. That difference is certain, it applies on every order, and the investor can influence it.

Against that, these amounts stay small in absolute terms on small sums and are swamped by the order fee; buy 200 euros once and the choice of venue shifts a few cents. A spread is also a snapshot and can look entirely different in quiet overnight hours than in the afternoon. For anyone trading regularly or in larger tranches, the ratio reverses. No statement about price direction follows from any of this, and a buy or sell recommendation certainly does not: a coin that has lost 50.7 percent over twelve months does not become a better investment through a tighter spread.

Keeping an eye on the spread

Three things can be settled in a few minutes before your next order. First: does your exchange display bid and ask side by side in the order book, and how far apart are they for SHIB? The difference divided by the midpoint gives the spread in percent. Second: does your exchange trade a genuine euro pair, or only a dollar pair with automatic conversion? In the second case a conversion margin is added that is rarely disclosed. Third: is there enough depth for your order size? A look at the order book shows how much volume sits in the top price levels.

A limit order instead of a market order protects against both effects. Such an order is filled only at your price or better, and it does not run into deeper price levels. The price for that is that it can stay open during fast moves. Which venues run a direct euro pair for SHIB at all is shown in the list above: there are seven, and two of them carry close to 58 percent of euro turnover between them.

Trading SHIB in euros: the spread decides your return

1. Before your next order, check the bid-ask spread for SHIB in euros at your venue and compare it with a second provider. On the measurement day, best and worst euro pair stood at 0.022 and 0.670 percent. Which venues trade under licence in Germany is set out in the overview of regulated crypto exchanges linked above.
2. Choose deliberately between a direct euro pair and the detour via USDT. The dollar book is roughly fifty times deeper, but costs two spreads per direction and creates additional taxable swaps. Anyone taking the detour needs clean records, for instance with crypto tax software.
3. For amounts from a few thousand euros upwards, use a limit order and split it when the book is thin. The order fee remains the larger line item, which makes it worth looking at the tiers in the crypto exchange comparison.

(As of October 19, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)