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Shiba Inu was the most discussed cryptocurrency on Twitter last month: Report

Data for the month of October by ICO Analytics. shows that Ether, Bitcoin, and Dogecoin occupied the second, third, and fourth positions, respectively, in the Twitter popularity index.

Shiba inu, a meme inspired cryptocurrency and a Dogecoin spinoff, has hit an all time high. (Photo: Twitter/ Shiba Inu)

Dogecoin rival Shiba Inu was the most discussed cryptocurrency on Twitter during the month of October, as per the data compiled by ICO Analytics. The analysis firm revealed the 20 most discussed cryptocurrencies on Twitter and Shiba Inu has emerged as a clear winner, receiving a 22 percent share of all crypto assets discussions on the platform, dwarfing Ethereum by 8.1 percent and Bitcoin by 7.2 percent.

Data for the month of October by the company shows that Ether, Bitcoin, and Dogecoin occupied the second, third, and fourth positions, respectively, in the Twitter popularity index.

Meanwhile, cryptocurrency Safemoon, Solana, Cardano, and Binance were among the ten most discussed crypto coins on Twitter, as per the graph shared by ICO Analytics. However, none of the cryptocurrencies came even close to the popularity of Shiba Inu (SHIB).

SHIB supporters have been loudening their voices on microblogging site Twitter using hashtags such as— #SHIBARMY #ShibaSwap #shibainu #shibainucoin, and #SHIB — to rally support for the meme coin.

It is worth noting that the official Shiba Inu Twitter account has now surpassed 1.9 million followers. For comparison, the official account of the Ethereum network has 1.8 million followers, at the time of writing this article.

The rise of SHIB is speculated to be fuelled after tech billionaire Elon Musk, tweeted a photograph of the coin going to the Moon on October 18. At that time, the token was trading at $0.000026 (Rs. 0.0020). His tweet pushed the coin to nearly 50 percent to reach a high of $0.000044 (Rs. 0.0033), according to CoinMarket cap.

Another major reason is also rumours floating in the crypto world that the SHIB will soon be listed on the popular stock trading app, Robinhood. A petition on Change.org has also implored Robinhood to list the coin on its platform. It garnered almost 3 lakh signatures.

Interestingly, almost 70.52 percent of SHIB’s circulation is controlled by eight whale accounts, of which, one whale holds 41.03 percent. This means all of these whales have made at least 800 percent gains on their investments, last month.

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According to Coinbase, the price of SHIB coin has fallen by 25.10 percent in the past 7 days. The price declined by 7.04 percent in the last 24 hours. In just the past hour, the price shrunk by 3.01 percent.

Disclaimer: Cryptocurrency is an unregulated space and digital currencies are not backed by any sovereign authority. Investing in cryptocurrency comes with market risks. This article does not claim to provide any kind of financial advice for trading or buying cryptocurrency.

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First published on: 10-11-2021 at 07:15:04 pm
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