Shiba Inu (SHIB) Euro Pairs Show 30-Fold Spread Gap Across Venues

Shiba Inu (SHIB) euro markets showed a roughly 30-fold gap in quoted spreads on Oct. 19, making the choice of exchange consequential for traders using the same currency pair.

The gap between the best bid and ask was 0.022% at both Kraken and Bit2Me, compared with 0.670% at WhiteBIT. Bitvavo’s SHIB/euro spread was 0.074%. Each figure describes the best available quotes at the moment captured; an order might receive a different price when executed.

The snapshot covered the 100 SHIB pairs with the highest trading volume. Seven euro pairs generated $811,651 in dollar-equivalent turnover over a rolling 24 hours, representing 1.59% of the sample’s $50.98 million total. That percentage measures the euro share of the sampled pairs, rather than SHIB trading across the entire market.

Pairs against Tether (USDT) accounted for $41.04 million, or 80.51% of the same sample. Turkish lira pairs contributed 6.54%, while Korean won pairs contributed 5.16%. The figures show where completed trades were concentrated during the measured period, but they do not show how much SHIB was available to buy or sell at any given price.

Bitcoin (BTC) provides a comparison for euro trading activity. Applying the same sampling method produced $142.17 million in BTC/euro turnover, about 175 times the amount recorded for SHIB/euro. That is a comparison of completed trades over rolling 24-hour windows, rather than a measure of what a new order could execute immediately.

At Kraken, the quoted BTC/euro spread was 0.013%, versus 0.022% for SHIB/euro. Those figures compare the two assets at one exchange in the snapshot. The BTC/euro figure does not establish a comparable spread at Bitvavo or any other named venue.

A spread is the difference between the highest price a buyer offers and the lowest price a seller asks. It describes the top of an order book, where available buy and sell orders are displayed. If an order is larger than the amount available at the best quote, the remaining portion can execute at other prices.

Turnover and quoted spreads therefore answer different questions: one counts trades already completed, while the other shows a narrow view of prices available at a particular moment. Spreads can move, and exchange fees add a separate cost. The Oct. 19 readings capture those market conditions only at the time of the snapshot.