High-flying cryptocurrencies have fallen back to earth from stratospheric levels amid profit taking that gained momentum following the emergence of the omicron variant threat. Notwithstanding the current lean patch, digital currencies are hugely popular with investors.
SHIB Reigns Supreme: Shiba Inu (CRYPTO: SHIB), the dog-themed currency making a splash this year, was the most discussed crypto on Twitter in November, according to ICO Analytics that focuses on new coins and analysis.
Solana (CRYPTO: SOL) and Bitcoin (CRYPTO: BTC) took the third and fourth spots, respectively, with 8.3% and 6.7% shares of the total mentions.
Incidentally, SHIB’s most illustrious peer Dogecoin (CRYPTO: DOGE) could only muster the fifth position, garnering a 3.7% share of the total Twitter mentions in November.
The other coins rounding off the top ten include Dogelon Mars (CRYPTO: ELON), a currency themed after Doge and prominent Dogecoin backer Elon Musk, Binance Coin (CRYPTO: BNB), Cardano (CRYPTO: ADA) and Polkadot (CRYPTO: DOT).
What Makes SHIB Popular: Shiba Inu, conceived as a joke crypto, was founded in Aug. 2020 by an anonymous person known by the name Ryoshi reportedly operating out of China. Shiba Inu is a Japanese term for a breed of dog, and this breed is used as the mascot for Dogecoin. Incidentally, SHIB is touted as a Dogekiller and an Ethereum-based alternative to Doge.
As SHIB hit an all-time high in late October, the company managed to briefly edge out Doge as the most valued meme currency.
Currently, it is the 13th most valued crypto, with a market cap of $18.68 billion.
SHIB’s strength has been its fanatic following so much so that experts say its success is based on a social phenomenon rather than fundamental strength. To its credit, the SHIB community and ecosystem is striving to increase its use cases. Recently, Shiba Inu announced its foray into gaming and the metaverse.
A catalyst that could give a real thrust to SHIB would be its listing on the trading app Robinhood Markets, Inc. (NASDAQ:HOOD).
At last check, Shiba Inu was down 3.59% at $0.000034.
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