Shiba Inu ($SHIB) has been on a roll in the past week, with a 31.9% boost of over $870 million purchases of the so-called “meme token” derived from Dogecoin.
This week, the Shiba Inu community has once again taken renewed attention from the crypto world with the celebration of a new milestone: 900,000 followers on Twitter. This follows Shiba Inu’s listing on Coinbase last week, which the crypto exchange officially announced with a tweet:
“Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a circulating supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.” stated Coinbase.
The Shiba Inu community quickly responded with a massive push, taking $SHIB to $0.000008815 with market capitalization of $2.5 billion after the $870 million inflow which poured into the token in less than 24 hours after the Coinbase listing. The official page for Shiba Inu token also thanked its community for the support:
With these numbers, the Shiba Inu token quickly trended on crypto Twitter and elsewhere, with the official Twitter page now having 905.3K followers, and the topic “Shiba Inu” gaining 2,290 mentions in just the last hour at the time of writing. It has even overtaken established projects suchas Uniswap and Solana, which both have only around 600k followers, and Litecoin, which has around 768k followers.
Given these statistics, it is difficult to determine whether this is just another case of a “meme token” going viral over social media over purposeless or even mindless investment from bandwagoners jumping on the trend. On the other hand, the Shiba Inu token has been used for some great use cases, like the news of Ethereum co-founder and lead developer Vitalik Buterin donating at least $1 billion worth of $SHIB to the COVID-19 relief fund for India. If $SHIB rises again to beat its previous all-time high, this would mean great help to the aforementioned charity project.
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