Bitcoin Loses, Shiba Inu (SHIB) Most Wanted on CoinMarketCap
ScienceLovers - Even though the Shiba Inu (SHIB) token is not currently in the top ten cryptocurrencies based on market capitalization, this meme token is still the leader in terms of user searches on CoinMarketCap.
Interest in Shiba Inu Beat Bitcoin
Based on a report from Finbold, Saturday (12/25/2021), the Shiba Inu has become the most popular crypto asset throughout 2021 in searches on CoinMarketCap.
CoinMarketCap is one of the largest and most trusted sites that provides data on thousands of crypto assets in circulation.
With 188,019,378 views on December 25, where tracking is done using real-time data on asset prices, volume and supply, Shiba Inu has been at the top of the search.
It has surpassed Bitcoin in second place with 145,519,992 views, which is followed by its main competitors Dogecoin (DOGE), Cardano (ADA) and Ethereum (ETH).
This reflects something interesting because the first rank is actually filled by tokens that are outside the list of the ten largest cryptocurrencies by market capitalization.
Social Media Effect
Various interesting news about SHIB certainly had a big impact on its popularity on social media which attracted a lot of people in a relatively short time.
Based on social media growth in 2021, the trend in these dog-themed meme tokens has jumped 16,000 percent this year alone.
This figure is obtained from the number of mentions on Twitter between 2020 and 2021 which ended on December 9 yesterday.
The efforts of listing on Robinhood and also the insane growth in value at the beginning of the year made Shiba Inu really like a prima donna in social media searches.
Almost everyone wants to know what this token really is. Is it important or just playing according to the token theme, memes.
Adoption Increase
Even though it looks just viral, Shiba Inu actually continues to form partnerships for the adoption of its tokens on their platform.
For example, the presence of SHIB in well-known US cinemas, AMC Theater and the travel platform Travala.
In addition, the presence of the long-awaited crypto game is also expected to be able to increase investor interest in this meme token. Lets watch.
Shiba Inu was created by an anonymous user, “Ryoshi”, circa August 2020.
It was trading at $0 a year ago and is now trading at $0.00003351.
The price of the Shiba Inu is deliberately kept at $0 so that even a penny increase in price can benefit users.
The price moved 48,722,655.73 percent to be exact, so the Shiba Inu profit was quite large for the owner.
Analytics Insight reports that even if someone had invested just $1 in SHIB, they would be earning thousands of dollars now.
According to CryptoPredictions.com, Shiba Inu is expected to provide double-digit returns to its investors for most of the year.
The minimum price for the Shiba Inu is expected to be $0.000038, while the maximum price it can touch is $0.000065.
Not to be left behind with the metaverse trend, the creators of Shiba Inu have started building their own metaverse called "Oshiverse" and are also trying to dive into decentralized gaming and non-fungible tokens (NFT).
It will be interesting to see if the development of the Shiba Inu that penetrates the world of this metaverse goes well in the future.
If they succeed, then a huge demand for SHIB tokens is to be expected, which could have more of an effect on its price than the most recent Christmas burning event.
Another Popular
Another popular coin from the world's largest crypto exchange Binance is Binance Coin, which has delivered over 1,300 percent returns, according to data from Arcane Research.
This surprises everyone who expected Bitcoin or Ethereum to be on this list.
BNB has outperformed the world's oldest coin (Bitcoin) and number 2 (Ethereum) by a large margin, the Economic Times reports.
According to the website CryptoPredictions.com, Binance Coin's rally will stop and will start to give negative returns and, accordingly, erode investors' wealth for the rest of 2022.
However, they also estimate that the maximum price in a certain time of the month could cross the US$600 mark, but at the same time it might trade in the US$400-600 range.
Crypto exchange Binance also has several developments planned, according to various media reports.
They recently committed to invest €100 million in France to establish an R&D base that will focus on blockchain technology.
Binance is also trying to curb money laundering through its platform and registered itself with FINTRAC recently.
It has also recently partnered with CertiK, a New York-based blockchain and crypto audit firm, for 'Project Shield'.
Project shielding is the latest security initiative by Binance in which BEP-20 and ERC-20 based projects listed on Binance's centralized exchange will be audited and the costs borne by Binance.
Crypto investors and enthusiasts should digest predictions properly because there are no written rules.
Developments can happen quickly, and no one can predict the market accurately.
