The cryptocurrency Shiba Inu (SHIB) is no longer funny. According to cryptocurrency price-tracking website CoinMarketCap, SHIB, which was inspired by a dog meme and dubbed the “Dogecoin killer,” was the most popular cryptocurrency in 2021, surpassing Bitcoin and even Ethereum. According to CoinMarketCap, the Dogecoin spinoff received over 188 million views in the last 12 months, while the apex cryptocurrency Bitcoin received 145 million views in 2021. SHIB is now the world’s 13th largest cryptocurrency, with a market capitalization of nearly $20 billion. Meanwhile, with 107 million views, Dogecoin was rated third among the most popular cryptocurrencies, followed by Cardano with 86 million views and Ethereum with 81 million views.
What Is Shiba Inu?
Shiba Inu token is a decentralized digital currency that was created in August 2020 by an unidentified person or group known only as “Ryoshi”. The Shiba Inu, a Japanese dog breed that originated in the Chubu region, is also the breed depicted in Dogecoin’s logo, which was created as a satirical cryptocurrency based on the Doge joke. Shiba Inu has been described as both a “meme coin” and a “pump and dump” scheme. Concerns have also been expressed about the coin’s concentration, with a single “whale” wallet holding billions of dollars worth of tokens, as well as feverish buying by average investors fearful of missing out (FOMO).
All Over The News
On October 18, tech mogul Elon Musk posted a visual of the Shiba Inu meme going to the Moon, which is thought to have fueled SHIB’s ascent. The token was trading at $0.000026 at the moment (Rs. 0.0020). According to CoinMarketCap, his tweet pushed the coin up over 50% to a high of $0.000044 (Rs. 0.0033).
Another important reason is that there are rumours circulating in the crypto industry that the SHIB will be listed on Robinhood, a popular stock trading platform. Robinhood has also been urged to include the coin on its platform via a Change.org petition. It received about 3 lakh signatures. Supporters of the humour coin have used hashtags like #SHIBARMY #ShibaSwap #shibainu #shibainucoin, and #SHIB to demonstrate their support on Twitter. According to a graph created by ICO Analytics, Safemoon, Solana, Cardano, and Binance were among the top 10 most discussed crypto coins on Twitter. None of the cryptocurrencies, on the other hand, have ever approached SHIB’s level of popularity.
Surprisingly, eight whale accounts account for around 70.52 per cent of SHIB circulation, with one whale accounting for 41.03 per cent. This indicates that in the previous month, each of these whales earned at least an 800 percent return on their investments.