Shiba Inu (SHIB), a decentralized cryptocurrency, now has over 900,000 token holders, thanks to the growing popularity of meme currencies.
On October 28, 2021, the token competitor to Dogecoin (DOGE) reached over 800,000 holders, adding 32,405 new holders in a single day, bringing the total number of addresses to 816,790; in less than a week, the dog coin has increased the number of holders to 902,151 as of November 3, according to data provided by Etherscan.io.
Furthermore, over the last week, the decentralized currency based on the Ethereum (ETH) blockchain has remained the most widely used non-stablecoin token on the network.
SHIB’s popularity is not dwindling.
DOGE and Shiba Inu have become the most popular digital assets with the highest trading volume on India’s crypto exchanges, indicating that interest in dog-themed meme coins has not waned.
Between April and October 2021, Dogecoin accounted for 13.76 percent of total trading volume on the CoinSwitch Kuber exchange, with Ethereum ranking second with 6.06 percent and Bitcoin ranking third with 6.04 percent.
Meanwhile, Shiba Inu accounted for nearly half of WazirX’s trading volume in the previous week. Furthermore, according to Finbold data, interest in the search term ‘Buy SHIB’ has reached a 3-month high on Google Search, according to Google Trends figures, a website that analyzes the popularity of search queries online.
The search query has seen a significant increase in popularity over the last 90 days. According to the most recent data, the surge in interest began in early August and peaked on October 27. According to the research findings, the majority of current interest comes from Puerto Rico, followed by China and the United States.
SHIB’s current cost
According to CoinMarketCap.com, the token is currently trading at $0.00006349, down 9.42 percent in 24 hours and up only 13.30 percent in the last week, with a market capitalization of $34.8 billion.
Shiba Inu has already had a successful rally season this year, so a pullback is to be expected. However, as the market heats up, buyers face a slew of temptations, and SHIB will only become appealing if there are strong bullish indicators.
Meme currencies pose a risk.
SHIB, on the other hand, has been chastised for failing to demonstrate a real-world application. For example, Michael Burry, a former Scion Capital hedge fund manager, has previously described the token as “pointless” and a “poor investment alternative.”
Furthermore, as SHIB has grown in popularity and popularity, it has spawned a slew of imitators, some with nearly identical names to Shiba Inu. Some of these tokens have attracted a large number of traders looking for quick profits; as a result, traders should exercise caution when investing in these types of ventures.
As the recent drop to zero in the price of the Squid Game (SQUID) cryptocurrency has demonstrated, many meme currencies and dubious projects may turn out to be scams, causing crypto traders to lose their entire investment in these projects.