December 4, 2021

The rise of the Shiba Inu token. What is the reason for its success?

The rise of the Shiba Inu token. What is the reason for its success?

The Shiba Inu (SHIB) cryptocurrency, which appeared as a meme in 2020, has risen in price a million times over the year, and its market capitalization today is almost 42 billion dollars - the token is among the top 10 currencies in terms of market capitalization. What is the reason for this incredible success of this project?

Takeoff of the "dog"

Shiba Inu token created by anonymousdevelopers as the "Dogecoin killer", works on the Ethereum blockchain and successfully exploits the "dog theme". The emission of the token is 1 quadrillion tokens, and only about 39% of the total volume is in circulation. At the end of October, Shiba Inu renewed its all-time high at $ 0.000086.

The first investor who bought tokens at the momentlaunch for $ 8 thousand today earned $ 5.7 million from them. To date, Shib's official Twitter account already has over 1.7 million followers - more than Cardano, Kraken and Solana.

The rise of the Shiba Inu token. What is the reason for its success?

Source: twitter.com

According to a study by Bacancy Technology, Shiba Inu became the third most popular cryptocurrency in the world in 2021 after Bitcoin and Ethereum in terms of the number of searches in the Google search engine.

Growth reasons

The reasons for the soaring market price of Shiba Inu are the mostvaried: growth is taking place both on the hype and on more fundamental factors. For example, in May, the token jumped after a tweet from the owner of Tesla and SpaceX billionaire Elon Musk that he was looking out for Shiba Inu puppies. Users took this statement as Musk's interest in SHIB.

The rise of the Shiba Inu token. What is the reason for its success?

Source: twitter.com

Another round of growth occurred afterMarketplace Robinhood posted a survey to find out which coin to add next for trading. Then the crypto community decided that it would be exactly Shiba Inu. Subsequently, more than 400 thousand users signed up to the petition to add this cryptocurrency for listing on Robinhood.

In addition, users are waiting for the Shiba listing.Inu on the Kraken crypto exchange. Prior to this, the token was added to the trading list of the competitor Robinhood - Public. It can also be traded on the Indian ZebPau cryptocurrency and Turkish BtcTurk. All this leads to an increase in the popularity of this token, and it is possible that it will repeat the success of Dogecoin.

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