Shiba Inu ranks second in popularity after Bitcoin

Sun 28 Nov 2021 ▪ 19h29 ▪ 3 min read - by Hugh Renolds

One of the strangest phenomena in the cryptocurrency market is the meme coins, the progenitor of which is Dogecoin (DOGE). Meme coins came about as a literal joke, and for some time, they bore no value. However, at the moment, some of these cryptocurrencies have become very popular among crypto investors.

Today, one of the most popular meme cryptocurrencies is Shiba Inu (SHIB), which recently stunned the entire crypto community with its sudden growth, resulting in an explosion of its popularity. Of course, like any other digital asset, Shiba Inu is highly volatile. Therefore, along with the rest of the cryptocurrency market, it began a decline in November, causing its price to drop down to 43.1%.

Shiba Inu overtakes Ethereum in popularity in a Twitter poll

But even after this fall, the crypto community didn’t rush to abandon the “dog coin”. Its popularity is so great that it was able to take 2nd place in a poll conducted by the cryptocurrency analytics platform CryptoRank.

In total, about 4.2 million people voted for the cryptocurrency, giving it a significant lead over almost all of its competitors, including Ethereum (ETH) alongside Solana (SOL).

Speaking of dog coins, it’s worth mentioning that Dogecoin was also able to make its way to the top, landing in fifth place. 1.8 million people voted for the progenitor of meme cryptocurrencies.

Despite its booming successes, Shiba Inu still loses to Bitcoin

However, Shiba Inu still did not take the honourable first place among all cryptocurrencies since its popularity is still less than that of the first cryptocurrency. It is also worth noting that over 10 million people voted for Bitcoin, which is more than double the number of Shiba Inu fans.

However, the popularity of Shiba Inu is still rapidly gaining momentum, leading to more and more crypto activists using (or at least considering) it for their projects. For example, electronics retailer Newegg recently confirmed its plan to add Shiba Inu as a new way to pay for its services. In addition, more and more crypto exchanges are eager to list SHIB. So the future may look very bright indeed for the famed “Dogecoin killer”. 

Hugh Renolds

I believe in the bright future of crypto. I have been investing since 2017 and look to share my experience in, and thoughts on, crypto and the blockchain.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.