The Shiba Inu (SHIB) cryptocurrency, which appeared as a meme in 2020, has risen in price a million times in a year, and its market capitalization today is almost $42 billion - the token is among the top 10 currencies by market capitalization. What is the reason for such incredible success of this project?
The rise of the “dog”
The Shiba Inu token, created by anonymous developers as a “Dogecoin killer”, runs on the Ethereum blockchain and successfully exploits the “dog theme”. The token supply is 1 quadrillion tokens, and only about 39% of the total supply is in circulation. At the end of October, Shiba Inu updated its all-time high at $0.000086.
The first investor who bought tokens at the time of launch for $8 thousand today earned $5.7 million on them. Today, the official account of the Shib cryptocurrency on the social network Twitter already has more than 1.7 million subscribers - this is more than Cardano, Kraken and Solana.
Source: twitter.com
As a study by Bacancy Technology showed, Shiba Inu, based on the number of queries in the Google search engine, became the third most popular cryptocurrency in the world in 2021 after Bitcoin and Ethereum.
Reasons for growth
The reasons for the rise in the market price of Shiba Inu are very diverse: growth is going on both hype, and on more fundamental factors. For example, in May, the token jumped sharply after a tweet from the owner of Tesla and SpaceX, billionaire Elon Musk, that he is looking for a puppyof the Shiba Inu breed. Users perceived this statement as Musk's interest in SHIB.
Source: twitter.com
Another round of growth occurred after the Robinhood trading platform posted a survey through which it wanted figure out which coin to add for trading next. Then the crypto community decided that it would be Shiba Inu. Subsequently, a petition to add this cryptocurrency for listing on Robinhood was signed by over 400 thousand users.
In addition, users are waiting for the listing of Shiba Inu on crypto exchange Kraken. Prior to this, the token was added to the trading list of Robinhood’s competitor, Public. It can also be traded on the Indian crypto exchange ZebPay and the Turkish BtcTurk. All this leads to an increase in the popularity of this token, and it is possible that it will repeat the success of Dogecoin.
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