Meme currency Shiba Inu is adamant about establishing its domination in space, and it has done so successfully. From being recognized as a payment mechanism by well-known firms such as AMC Theaters to being the first meme coin listed in South Korea, the altcoin has had a successful run. Its community has increased significantly in the last several months, and support has not waned.
Although the meme coin’s price has dropped, it continues to thrive in other ways. Last week, Bitcoinist claimed that the digital currency was on the verge of reaching 1 million holders, with Baby Doge vying to be the first to do it. However, Shiba Inu has proven to be the top dog by surpassing the one million holder mark.
Shiba Inu’s investment base has been significantly expanding since the altcoin’s new all-time highs in October. Shiba Inu’s first renown stemmed from being dubbed the “Dogecoin killer,” and when the latter faltered, Shiba Inu took full opportunity to live up to this moniker. After yielding 900 percent profits for investors in a couple of months, it became one of the top-performing cryptocurrencies in 2021.
The digital asset has obtained listings on major crypto exchanges, contributing to increased confidence in the coin’s future. As trade activity on these exchanges increased, so did the number of holders.
An investor who turned $8,000 into $5.7 billion was one notable occurrence that has investors eager for a piece of the digital commodity. In 2020, the investor purchased $8,000 worth of bitcoin, and by October 2021, the wallet housed billions of dollars. This contributed to the asset’s legitimacy as a legitimate investment alternative.
Shiba Inu has dominated social media talks since the digital asset rose to prominence a few months ago. SHIB had become so popular on Twitter that it has surpassed big cryptocurrencies such as Bitcoin and Ethereum in terms of mentions.
However, the meme coin did not end there. Google searches for Shiba Inu increased considerably during this period, with reports indicating that it was among the top 30 searches in 30 states in the United States.
Despite this, the market’s asset price has deteriorated. Shiba Inu lost 17 percent last week, bringing its total loss to 50 percent less than its ATH. This prompted it to lose the 12th slot on the list of the top cryptos by market size to CRO, however, it has since restored its position following a rally that saw it climb beyond $0.00004 on Thursday.
