Currently, there is a massive $670 billion difference in the market caps of Bitcoin and Shiba Inu. Yet, that is not to say that a smaller Shiba Inu cannot contest with the king coin on similar grounds. A recent report indicated that Shiba Inu was mentioned more than Bitcoin on Twitter during April. Here’s why that may have happened.
A recent report released by data tracker ICO Analytics showed that Shiba Inu was the third most mentioned cryptocurrency on Twitter followed by Bitcoin in fourth place. The average share of mentions came in at 6.5%. Ethereum and Solana held the top positions.
The first instinctive thought would come for price action. After all, crypto users hardly miss a chance to circulate a project whose price is skyrocketing. Looking at Shiba Inu, however, a clear conclusion could not be drawn. Discounting its 12 April spike, SHIB prices have mostly tanked along with the rest of the broader market. Its monthly losses amount to 17% and a downtrend was visible on the chart.
So why else did Shiba Inu create a hubbub among its fans? The answer could very well lie in external developments.
Robinhood, metaverse, and burn portal create a stir
April was not just another month for Shiba Inu. The communities prayers were finally answered after trading exchange Robinhood onboarded Shiba Inu to its platform on 12-April. This instantly created hype among fans who rushed to buy SHIB on exchanges. During the time, SHIB’s social media mentions climbed significantly (marked in red) as per LunarCrush.
One would imagine that the SHIB hype would extinguish once a correction followed suit but that didn’t happen either Although social media mentions did slip over the next few days, SHIB managed to keep a presence among its fans after a 3-day land auction event for its metaverse went live on 13 April.
The project continued to be synonymous amongst social media users after launching a burn portal in April-end. The objective was to allow investors to burn portions of their SHIB tokens to reduce the circulating supply of coins and increase the value of their SHIB holdings.
Several other updates were released on the much-awaited layer-2 solution Shibarium and an upcoming NFT game – each of which kept fans engaged throughout the month.
Bitcoin
As for Bitcoin, there weren’t many network updates that were announced beyond a soft fork proposal in late March. Although the implications of the BIP-119 change are still a relevant debate, several price corrections during April may have impacted Bitcoin’s social presence.
Looking at the chart, Bitcoin’s social mentions (orange) got off to a bad start in April and the same dwindled throughout the month as multiple flash crashes occurred. At press time, Bitcoin was trading at $35K, down by nearly 50% from record levels.