Shiba Inu ($SHIB), a meme-inspired cryptocurrency, is currently the third most Googled cryptocurrency of the year. This is according to a study performed by Bacancy Technology at a time when it is consistently setting new highs.
Shiba Inu has received an average of 2.8 million monthly searches, according to MarketWatch. Whereas, bitcoin has received an average of 22 million monthly searches. With an average of 6.3 million monthly searches, Ethereum came in second.
Although Shiba Inu became the 11th largest currency by market value, it still trails the leading decentralized exchanges Uniswap (UNI) and Terra (LUNA). However, it is ahead of its main competitor Dogecoin (DOGE) and Polkadot (DOT).
Price of Shiba Inu hit an all-time high of $0.000059 earlier this week before falling to a current price of $0.000056. Over the last three months, the price of the cryptocurrency has risen by approximately 800 percent. This is due to a retail trading frenzy stoked by the substantial token burns occurring against the coin’s massive circulating supply (SWL).
? Shiba Inu ($Shib) Third Most Googled
After a fan asked Tesla and SpaceX CEO Elon Musk, who has been a big advocate of rival meme-inspired cryptocurrency Dogecoin ($DOGE), how much SHIB Musk held, the cryptocurrency’s trading volume soared to match Ethereum.
In response, Musk said only one word: “none.”
This sparked a precipitous drop in the value of the cryptocurrency, which fell by almost 10% at one point. In response to another meme-inspired cryptocurrency question, Musk said he only purchased BTC, Ethereum, and Dogecoin.
Due to the project’s decentralized exchange ShibaSwap’s updated listing plans to get more pairs and pools included to the decentralized exchange to burn $25,000 amount of SHIB and LEASH tokens created, SHIB’s trading volume and price have also increased significantly..
To prevent tokens from ever reentering circulation, certain token pools on the market have devised a burning scheme. SHIB whales have also influenced the price of the cryptocurrency. This is since values climb when whales transact at or above $100,000, according to accessible statistics.
Michael Burry, the finance guru who is famous for his profitable bet against the housing boom, attacked Shiba Inu.
They shared Coinbase’s characterization of the currency and emphasized its supply, which surpasses one quadrillion tokens.