Bitcoin might be the most popular and sought after cryptocurrency in the world but, its Shiba Inu that ruled the past 12 months. Shiba Inu has emerged as the most viewed cryptocurrency of 2021, according to cryptocurrency price-tracking website CoinMarketCap. It may come as a surprise to many given that Shiba Inu is actually a spin-off of an existing meme coin — Dogecoin, which had its own share of fame in 2021.
According to CoinMarketCap, Shiba Inu recorded more than 188 million views during the last 12 months. Again, the credit can be given to Elon Musk who has been very vocal about meme coins in the past year, including Shiba Inu. He literally adopted a Shiba Inu dog and his tweets also led to immediate surges in the price of Shiba Inu token.
On October 18, Musk tweeted a picture of Shiba Inu meme going to the moon. At that time, the token was trading at $0.000026 (Rs 0.0020). His tweet pushed the coin to nearly 50 percent to reach a high of $0.000044 (Rs 0.0033), according to CoinMarket cap.
The crypto has become particularly popular among the young investors because of its exponential rise. A recent report by crypto exchange platform WazirX revealed that male investors in India preferred Shiba Inu over any other cryptocurrency while women trusted Bitcoin with their money.
Bitcoin was the second most viewed crypto this year with 145 million views. Meanwhile, Dogecoin was ranked in the third position among the most viewed cryptocurrencies with 107 million views, while Cardano had around 86 million views, and Ethereum garnered 81 million views.
Shiba Inu remains to be highly volatile despite its growing popularity among investors. Nearly 70.52 per cent of Shiba Inu coins are held by 8 whale accounts. Out of this, 41.03 per cent share is owned by just one whale account. The token still reacts to social media trends which makes the investment risky.
Anyone looking to invest in Shina Inu should study the market trends and consult with crypto experts before putting their money in it.
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