Despite the fact that the Shiba Inu (SHIB) price has dropped 43.1 percent in November, the meme coin’s Twitter game is still going strong.
The canine token is the second-most popular cryptocurrency on social media this November, according to data released by cryptocurrency research platform CryptoRank, with a total of 4.02 million mentions.
However, Bitcoin (BTC) is the most popular cryptocurrency, with over 10 million references. On the other hand, Ether (ETH) has 2.7 million mentions, putting it in the third position. With 1.86 million and 1.76 million Twitter mentions, PancakeSwap (CAKE) and Dogecoin (DOGE) are also in the top five.
Despite failing to recapture its bullish momentum, Shiba Inu continues to gain traction with merchants. For example, electronics giant Newegg recently confirmed its intention to accept Shiba Inu as a new payment method.
In spite of the price drop, the meme coin continues to see new exchange listings.
Significant Growth on Twitter
SHIB supporters have been using hashtags like #SHIBARMY #ShibaSwap #shibainu #shibainucoin, and #SHIB to build support for the meme coin on microblogging site Twitter.
In early November, the official Shiba Inu Twitter account eclipsed Ether in terms of followers. The official Shiba Inu Twitter account now has over 2.1 million followers. In comparison, at the time of writing this article, the Ethereum network’s official account had 1.9 million followers.
The growth of SHIB is thought to have been helped by tech entrepreneur Elon Musk, who on October 18 tweeted a photo of the coin on its way to the Moon. At the time, the token was trading at $0.000026. According to CoinMarketCap, his tweet pushed the coin up over 50% to a high of $0.000044. Currently Shiba Inu is trading at $0.00003921 a +3.26% in the last 24 hrs.
Shiba Inu Was the Most Popular in October
Shiba inu was also the most popular in the month of October.
According to an analysis by research firm ICO Analytics, Shiba Inu surpassed Dogecoin as the most popular cryptocurrency on Twitter in October. Dogecoin was the most popular in September. Ether, Bitcoin, and Dogecoin were the second, third, and fourth most popular cryptocurrencies on Twitter.
This is according to statistics from the research firm for the month of October. In fact, the research claimed that SHIB had a 22 percent popularity share on Twitter. On the other hand, Bitcoin had an 8.1 percent popularity share.
Shiba Inu token was designed by someone with the pseudonym Ryoshi and launched in August 2020. The SHIB token’s mascot is a cartoonized portrayal of a dog face belonging to the Japanese breed of Shiba Inu, modeled like Dogecoin.
The SHIB coin is presently owned by 942,941 wallets, with 14,645 active addresses, according to CoinMarketCap. In addition, the Shiba Inu token also has a one quadrillion supply cap and is currently in development.