Shiba Inu is a Dogecoin competitor. It is by far the most mentioned cryptocurrency on Twitter in October. Shiba Inu pop up as an obvious frontrunner. It receives a 22.2% share of all crypto asset discussion threads on Twitter. Moreover, overshadowing Ethereum by 8.1% and Bitcoin by 7.2%, according to the analysis company.
Statistic collected by ICO Analytics
According to the company’s data for the month of October, Ether, Bitcoin, and Dogecoin ranks second, third, and fourth in the Twitter popularity index, respectively.
ICO Analytics conveys to the statistics, the cryptocurrency Safemoon, Solana, Cardano, and Binance are among the top ten actively addressed crypto coins on Twitter. Even so, hardly any of the cryptocurrencies came close to matching Shiba Inu’s popularity (SHIB). Supporters of SHIB use hashtags such as # SHIBARMY # ShibaSwap # shibainu # shibainucoin, and # SHIB and increase public support for the meme coin.
The official Shiba Inu Twitter account now has over 1.9 million followers. In contrast, at the time of writing this article, the Ethereum network’s official account has 1.8 million followers.
The upsurge of SHIB is thought to have been aided by tech billionaire Elon Musk, who on October 18 tweeted a photo of the coin on its way to the Moon. The token was trading at $0.000026 at the time (Rs. 0.0020). As per CoinMarketCap, his tweet steered the coin up nearly 50% to a high of $0.000044 (Rs. 0.0033).
Another significant possible explanation
There are rumors circulating in the crypto world that the SHIB registers on Robinhood. It is a prevalent stock trading app. A Change.org petition urges Robinhood to list the coin on its platform. It receives nearly 3 lakh signatures.
Surprisingly, eight whale accounts control at least 70.52 percent of SHIB’s circulation. One whale controls 41.03 percent. This indicates that all of these whales make at least an 800% return on their investments in the previous month.
According to Coinbase, the price of SHIB coin has dropped by 25.10 percent in the last seven days. The price has dropped 7.04 percent in the last 24 hours. In the last hour, the price has dropped 3.01 percent.
