Shiba Inu is the third most searched cryptocurrency on Google in 2021

A recent study conducted by Bacancy Technology revealed that the meme-inspired cryptocurrency Shiba Inu ($SHIB) has become the third most searched cryptocurrency on Google so far in 2021, at a time when it regularly hits new highs. Another coin as a meme coin, Dogecoin (DOGE) has the 6th most searches according to this research.

Shiba inu is the third most searched cryptocurrency on Google so far in 2021

According to MarketWatch, research shows that Shiba Inu receives an average of 2.8 million searches per month so far this year, while bitcoin receives 22 million monthly searches on average. In second place is Ethereum, with an average of 6.3 million searches per month.

Notably, Shiba Inu’s brilliant price performance has seen it become the 11th largest cryptocurrency by market capitalization, ahead of leading decentralized exchanges Uniswap (UNI) and Terra (LUNA). , but behind rivals Dogecoin (DOGE) and Polkadot (DOT).

The price of the 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 cryptocurrencies has increased by nearly 800% in the past three months amid frenzied retail trading bolstered by the cryptocurrency’s massive circulating supply that is facing significant token burn.

SHIBUSDT chart via TradingView

The cryptocurrency’s trading volume has surged to par with Ethereum’s after a supporter asked Tesla and SpaceX CEO Elon Musk, who spoke out in favor of a rival’s meme-inspired cryptocurrency Dogecoin ($DOGE) How much SHIB Musk is holding.

Musk replied with a single word, “no,” which led to a dramatic collapse 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, to which he replied that he only buys BTC, ETH, and DOGE.

The SHIB trading volume and price has also increased as the project’s decentralized exchange, ShibaSwap, updated its listing plan to add new pairs and pools to the decentralized exchange to burn tokens. $25,000 SHIB and LEASH message will be generated.

Some token pools on the exchange also implement a burning system to destroy tokens and permanently dispose of them. On top of that, according to available data, SHIB whales have been influencing the price of cryptocurrencies, as when whale trades above $100,000 occur, the price rises.

Shiba Inu has been criticized by Michael Burry, an investor known for his lucrative bet on the housing bubble before the 2008 financial crisis that was captured in the book and movie “The Big Short”.

In a now-deleted tweet, the head of Scion Asset Management shared Coinbase’s description of the cryptocurrency and highlighted its supply, which exceeds one trillion tokens.

Hopefully, the above information will help you have an overview of the current Shiba Inu coin meme.


Update information, Crypto knowledge from AZ: Channel Financial Investment Academy

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