A lot has been going on in the cryptocurrency market recently. The recent hit on the market has caused massive liquidation by investors and over $1 billion worth of asset liquidation in hours.
According to experts, this crash in the crypto market is caused partly by Chinese real estate conglomerate Evergrande. Evergrande has over $300 billion liabilities in both offshore and local securities. The fear that this crisis will have a devastating effect on the crypto market led to the fall in the market price.
Despite all the brutal setbacks faced by the crypto market, Shiba Inu, a dog meme token has not stopped gaining dominance and popularity on social media. The Ethereum based crypto that mimics Dogecoin has a market value of $3.3 billion trades at $0.000007005 at the time of writing.
SHIB token announced a few days ago that it had over 900k followers on Twitter. This announcement makes Shiba Inu the most popular amidst the social media top ten. Having about 908, 000 followers, Shiba Inu overshadows Litecoin, Uniswap, and Solana which have 768,200, 631,000, and 622,800,respectively.
Elon Musk, the billionaire, shared a picture of his new shiba puppy called Floki in a tweet which gathered over 300,000 likes from his millions of followers. This incident alone gave the token more popularity as well as increasing its dominance.
Shiba Inu is now available on most exchanges, however investors are worried about its delayed listing on Robinhood. As the SHIB community anticipates the listing of the coin, a petition arose on behalf of the coin on Twitter which has seen 184,700 signatures.
This social media dominance and popularity is a step towards the direction of the adoption and attraction of traders. The popularity also led to the launch of its decentralised exchange Shibaswap which has three cryptocurrencies including SHIB LEASHand BONEwith the possibility of adding other tokens real soon.
Just like the Dogecoin which gained market value by its popularity, Shiba Inu is playing on the same road to the top as well. Musk\s vocal supporter forDogecoin made the price surge in the past. The same strategy may help push the price of shiba Inu up as he redirects his love towards the Shiba Inu puppy called Floki.
I am a crypto and blockchain technology fan with a love for writing to enlighten others about the revolution. This I do by writing news stories to bring the latest developments to my readers and help them stay informed about the most recent developments in the space at all times.