Since its launch, Shiba Inu has divided opinions like no other cryptocurrency ever launched. For every person who thinks SHIB is a scam, two people believe in its long-term prospects. Such allegiance to the meme is the reason why Shiba Inu’s fanbase is rising with each passing day on Twitter. Now, it has reached a landmark of 3.4 million followers, and its investor base is growing side-by-side. However, SHIB’s popularity isn’t impacting its price, and the decline continues as we write and you read. There are speculations that Shiba Inu could be another giant that will disappear into oblivion like Terra Luna and Celsius. However, we have reasons to believe it won’t be the case, at least not in the near future.
Shiba Inu Equals Dogecoin User Base: Why SHIB Became Popular so Fast?
While Dogecoin was released in December 2013, Shiba Inu came into existence in August 2020. Despite being a very new crypto coin, it has amassed the same followership as Dogecoin. It clearly shows the popularity of SHIB.
Some of the reasons for the extreme rise in Shiba Inu’s popularity are:
- Shiba Inu’s value multiplied 1 million times in just ten months, which caused a frenzy among the buyer base. There was a Fear of Missing Out (FOMO), which initiated a set of events that made Shiba Inu a household name.
- It generated tremendous goodwill in India after Vitalik Buterin donated over 50 trillion SHIB to support India via Covid-Crypto Relief Fund.
Shiba Inu Whales are Active Once Again
There is some good news for Shiba Inu fans. The number of SHIB holders has increased to 1,182,817, per a report by WhaleStats. Although the price is still not showing promising signs, the new development means the interest in the wildcard meme currency is still high. According to WhaleStats, there is a 20% rise in active addresses of Shiba Inu investors, which means almost one-fifth of crypto whales interact with SHIB. Moreover, there are reports from trusted sources that Shiba Inu has flipped crypto exchange FTX in terms of biggest holding for the highest 100 ETH whales, which account for 14.53% of their overall holdings.
Moreover, it has come to light that 90% of traders prefer Shiba Inu, according to a report by Rain, which is a Middle East Exchange.
SHIB Burn Rate is Peaking
In the last 24 hours, the Shiba Inu community has burned over 110,830,578 SHIB tokens. They have pushed the burn rate to over 158%. As the burn rate rises, we expect Shiba Inu’s price to increase from its current $0.00000790.
Shiba Inu is a unique cryptocurrency. Initially, people thought it was just a meme. Many believed it to be a scam. However, powered by its founder Ryoshi and diligent programmers like Shytoshi, SHIB has achieved greater heights and an unmatched fanbase. Now, when the chips are down, Shiba Inu investors are getting behind it despite its low price. Although there hasn’t been an appreciation in the price, the number of SHIB investors has increased. Moreover, we are seeing a tremendous rise in its Twitter base, reaching 3.4 million users.