According to a recent survey done by Bacancy Technology, the meme-inspired cryptocurrency Shiba Inu ($SHIB) has become the third-most Googled cryptocurrency so far this year, despite the fact that it is consistently breaking new highs.
According to MarketWatch, Shiba Inu has garnered 2.8 million monthly searches on average this year, whereas bitcoin has received 22 million monthly searches. Ethereum was in the second position, with 6.3 million monthly average searches.
Shiba Inu has risen to become the 11th most valuable cryptocurrency by market value, ahead of major decentralized exchange Uniswap (UNI) and Terra (LUNA), but behind its rival Dogecoin (DOGE) and Polkadot (DOT).
Shiba Inu’s price hit an all-time high of $0.000059 earlier this week and is now trading at $0.00007238. In the previous three months, the cryptocurrency’s price has risen about 800 percent, fueled by a retail trading frenzy fueled by the cryptocurrency’s huge circulating supply being faced with large token burns.
After a fan asked Tesla and SpaceX CEO Elon Musk, who has been a strong backer of rival meme-inspired cryptocurrency Dogecoin ($DOGE), how much SHIB Musk held, the cryptocurrency’s trading volume surpassed that of Ethereum.
Musk answered with a single word, “none,” causing a huge drop in the cryptocurrency’s price, which was down more than 10% at one point. Musk was then questioned about Floki Inu, another meme-inspired cryptocurrency, to which he responded that he had only purchased BTC, ETH, and DOGE.
SHIB’s trading volume and price have also increased as a result of the project’s decentralized exchange, ShibaSwap, which recently updated its listing intends to add more pairs and pools to the decentralized exchange in order to issue $25,000 worth of SHIB and LEASH tokens.
A burning procedure was also built by some token pools on the exchange to destroy tokens and remove them from circulation permanently. Furthermore, SHIB whales have been impacting the cryptocurrency’s price, according to accessible data, since when whale trades above $100,000 occur, values climb.
Scion Asset Management’s CEO reposted Coinbase’s description of the cryptocurrency and emphasized its supply, which surpasses one quadrillion tokens, in a now-deleted tweet.