Shiba Inu is one of the most viewed cryptocurrencies in 2021, find out why

Shiba Inu is one of the most viewed cryptocurrencies in 2021, find out why

by Bryn Fest

2021 has been a turbulent year for all spheres of trade. The cryptocurrency was not spared and despite that, the crypto-economy has shown growth. While Bitcoin still leads the way, there are altcoins that have amassed enough support to gain momentum. These cryptocurrencies have become relevant and are constantly working on their scalability to make a place for themselves in the market. The potential applications of most of these have given way to a lot of other cryptocurrencies as well.

What is Shiba Inu and why is it so popular?

Shiba Inu started out as an alternative to the meme-based coin Dogecoin. Shiba Inu adopted a similar concept. This cryptocurrency was named after the breed of the dog that became popular in memes. Unlike Bitcoin, the Shiba Inu coin is available in abundance. It is an Ethereum-based alternative and that is why it is compatible with Ethereum-based wallets. Shiba Inu, unlike Dogecoin, is compatible with the Ethereum ecosystem and has allowed the community to create crypto apps. Shiba Inu has also launched an NFT platform in 2020.

Shiba Inu’s existence answers the question, “What would happen if a cryptocurrency project was run by its community completely?” The combined decentralisation of an entire network would outperform anything that a centralised team would ever be able to create.

Standing of Shiba Inu in 2021

Shiba Inu has managed to beat the leaders of the industry like Bitcoin and Ethereum and is one of the most viewed cryptocurrencies of 2021. This Dogecoin spinoff has recorded more than 188 million views in the last year, while Bitcoin came in a far second at 145 million views. Shiba Inu is currently the world’s 13th largest cryptocurrency in the world with a market cap of over 20 billion dollars.

Reasons why it was one of the most viewed cryptocurrencies in 2021

The popularity of this cryptocurrency shot up exponentially after the tech billionaire and CEO of Tesla Elon Musk took a personal interest in this cryptocurrency in the month of October. He tweeted a photo of Shiba Inu going to the moon and that gave the coin a boost of almost 50 percent.

Another reason why everybody seemed to take notice of Shiba Inu, was the fact that it was soon going to be listed on one of the most popular stock trading apps. The petition to let the app enlist SHIB was supported by almost 3 lakh signatures. This gave an insight into the kind of believers this cryptocurrency has garnered over the years.

The hype around Shiba Inu increased in October when data analysis revealed that Shiba Inu was the most discussed crypto in October, dominating a 22 percent share of all crypto discussions on various platforms, taking over Ethereum by 8.1 percent and Bitcoin by 7.2 percent.

However, almost 70.52 percent of Shiba Inu’s circulation is controlled by eight whale accounts, of which, one account has control over 41.03 percent. This means all of these whales have made at least 800 percent gains on their investments. Twitter has been taken by a storm by SHIB supporters. They have been loudening their voices using hashtags such as— #SHIBARMY #ShibaSwap #shibainu #shibainucoin, and #SHIB. The community has been making efforts to rally support for the meme coin. Cryptocurrencies Safemoon, Solana, Cardano, and Binance were among the ten most discussed crypto coins on Twitter. However, none of the cryptocurrencies came even close to the kind of interest that was shown in Shiba Inu.

Things to remember while investing in Shiba Inu

It is common knowledge that the crypto market is extremely volatile and has been since the beginning. However, Shiba Inu is a particularly volatile cryptocurrency. It is advisable to buy Shiba Inu coin for a short-term gain rather than a long-term investment. Shiba Inu’s gains are fuelled by the hype in the media and that can mean huge losses for the investors once the spotlight moves on. Shiba Inu is not a blockchain and is a cryptocurrency built on the Ethereum network. This limits its uses and does not stand out compared to its peers. One thing that could really boost the value of this coin is merchants or businesses accepting this as currency.

The rise and fall and rise of Shiba Inu in 2021

Although Shiba Inu started and ended the year with its value being less than a rupee, the growth of Shiba Inu was 45,00,000%. The cost peaked on October 28th and the investors who believed in this currency in the early days and put their money on it ended up with massive gains. The percentage increase in the gains is an indication that this cryptocurrency has potential. The future of this coin largely depends on the community that is supporting it.

If you are looking for a reliable exchange platform to trade, then CoinSwitch is the perfect one. You have access to expert opinions, predictions and you are equipped with this information when you start trading. This user-friendly app is great for beginners and can give you a clear picture of the crypto economy.

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