Research shows that Shiba Inu (SHIB) is the 3rd most sought-after cryptocurrency in 2021, behind BTC and ETH. A recent study by Bacancy Technology has revealed that popular meme-inspired altcoin project Shiba Inu (SHIB) has become the third most searched cryptocurrency on Google so far this year, at a time when it regularly hits new highs. Detail cryptocoin.com‘in.
Popular altcoin becomes third most sought after
According to MarketWatch, the study showed that Shiba Inu receives an average of 2.8 million monthly searches so far this year, while Bitcoin receives an average of 22 million monthly searches. Ethereum came in second with an average of 6.3 million searches per month. In particular, Shiba Inu’s dazzling price performance is ahead of leading decentralized exchanges Uniswap (UNI) and Terra (LUNA). However, it was seen to become the 11th largest cryptocurrency by market cap, behind its rivals Dogecoin (DOGE) and Polkadot (DOT). The price of the popular altcoin Shiba Inu hit an all-time high of $0.000059 earlier this week and is currently trading close to it at $0.000056. The price of the cryptocurrency has risen nearly 800% in the last three months amid the retail transaction spree, fueled by the massive circulating supply of the cryptocurrency facing significant token burns.
SHIB has been criticized
After a supporter asked Elon Musk, a backer of rival cryptocurrency Dogecoin, how much SHIB Musk holds, the cryptocurrency’s trading volume rose enough to rival that of Ethereum. Musk simply answered “no”, leading to a significant drop in the price of the cryptocurrency, which at one point fell more than 10%. Musk was then asked about another meme-inspired cryptocurrency, Floki Inu, and he said he only buys BTC, ETH, and DOGE. SHIB’s trading volume and price have also increased due to the project’s decentralized exchange, ShibaSwap, which has updated its listing plans to add new pairs and pools to the decentralized exchange to burn $25,000 worth of SHIB and LEASH tokens to be created. Some token pools on the exchange have also implemented a burn system to destroy and permanently remove tokens from circulation. On top of that, according to available data, SHIB whales are influencing the price of the cryptocurrency as prices soar when more than $100,000 of whale transactions occur.
The Shiba Inu was criticized by investor Michael Burry, known for his lucrative bet against the housing bubble before the 2008 financial crisis, immortalized in the book and movie “The Big Short.” In a now-deleted tweet, the head of Scion Asset Management shared Coinbase’s definition of the cryptocurrency and highlighted its supply in excess of a quadrillion tokens.
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