A recent study conducted by Bacancy Technology has revealed the meme-inspired cryptocurrency Shiba Inu ($SHIB) has become the third-most Googled cryptocurrency so far this year, at a time through which it’s making new highs on a regular basis.
Based on MarketWatch, the study showed Shiba Inu acquired 2.8 million searches on average monthly so far this year, whereas bitcoin received 22 million common monthly searches. In second place came Ethereum, with 6.3 million average searches monthly.
Notably, Shiba Inu’s dazzling price efficiency has seen it become the 11th largest cryptocurrency by market capitalization, forward of leading decentralized exchange Uniswap (UNI) and Terra (LUNA), however behind its rival Dogecoin (DOGE) and of Polkadot (DOT).
Shiba Inu price reached a $0.000059 all-time high earlier this week and is at present trading close to it, at $0.000056. the cryptocurrency’s price surged almost 800% within the last three months amid a retail trading frenzy that was bolstered by the cryptocurrency’s large circulating provide being confronted with vital token burns.
The cryptocurrency’s trading volume has surged to rival that of Ethereum after a supporter asked Tesla and SpaceX CEO Elon Musk, who has been a vocal supporter of rival meme-inspired cryptocurrency Dogecoin ($DOGE) how much SHIB Musk was holding.
Musk replied with one phrase, “none,” resulting in a major crash within the value of the cryptocurrency, which at one level was down greater than 10%. Musk was then asked about another meme-inspired cryptocurrency, Floki Inu, to which he replied he only purchased BTC, ETH, and DOGE.
SHIB trading volume and value have also surged due to the project’s decentralized exchange ShibaSwap, which updated its listing plans to get new pairs and pools added to the decentralized exchange to burn the $25,000 price of LEASH tokens to be created.
Some token pools on the exchange also implemented a burning system to destroy tokens and permanently remove them from circulation. On high of that, according to accessible data, SHIB whales have been influencing the cryptocurrency’s value, as when whale transactions above $100,000 happen, costs rise.
Shiba Inu has been criticized by Michael Burry, the investor greatest known for his profitable bet against the housing bubble forward of the 2008 monetary disaster that was immortalized within the book and movie “The Big Short.”
In a now-deleted tweet, the head of Scion Asset Management shared Coinbase’s description of the cryptocurrency and highlighted its provide, which exceeds one quadrillion tokens.
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