Shiba Inu received more mentions than Bitcoin and the major cryptocurrencies on Twitter. Meanwhile, expectations are rising for the launch of the NFT collection, Shiboshi.
Amid a meteoric rise in prices, the token puppy Shiba Inu (SHIB) is positioning itself as the most popular cryptocurrency on Twitter.
Shiba Inu, which proclaims itself the “dogecoin killerThe largest doggy meme coin by market cap volume, has risen more than 360% in the last four weeks. The sudden increase has led to token to be ranked number 17 of the ranking of major cryptocurrencies by market capitalization.
SHIB’s upward movement came after Elon Musk’s post on Twitter on October 3, in which the billionaire shared with his followers a photo of his new Shiba Inu puppy; and coincided with a widespread increase in the digital asset market. The token Shortly after, it reached a price very close to its all-time high of $ 0.000035.
However, beyond these factors, other elements, such as the growing popularity of the token on social media and expectations around the launch of an NFT collection, could be driving its price up.
SHIB is more popular than Bitcoin on Twitter
In accordance with CoinTrendz, which collects data on the latest cryptocurrency trends, Shiba Inu is outperforming Bitcoin in terms of popularity on Twitter. According to data collected on October 11, SHIB received more mentions on Twitter in a span of an hour than Bitcoin, Ethereum, Dogecoin, Cardano and others altcoins, including those on the top 10 list.
The token canine meme garnered 419 mentions in an hour, while the flagship cryptocurrency, Bitcoin, got 307, positioning itself in second place. Likewise, SHIB managed to beat Ethereum, with a total of 231 more mentions, and even surpassed its rival Dogecoin with more than triple the mentions.
– CoinTrendz.com (@CoinTrendz) October 11, 2021
While the latest data that collect mentions of cryptocurrencies on Twitter place Bitcoin As the most popular, SHIB continues to hold second place, relative to the highest number of mentions.
The data suggests an increase in interest among the Twitter community for the token Shiba Inu. These metrics also coincide with the increase in the commercial volume of Shiba Inu, which has skyrocketed in recent days, mimicking the rise in prices. They also come shortly after an increase in token holders and followers on SHIB’s official Twitter account.
Last week, the number of meme coin holders surpassed the 700,000 mark as well as the number of followers of Shiba Inu’s Twitter account. reached one million of users.
Project will launch NFT collection “Shiboshi”
In addition to the growing interest of many investors within the crypto space, another factor that could be pushing the price of SHIB higher is the expectation around the launch of a collection of tokens non-expendable (NFT) with puppy theme.
The SHIB project announced a few days ago the deployment of a series of NFTs, which will include a new token burning mechanism. NFT fans will be able to purchase 10,000 non-fungible tokens representing various “adorable creatures”Released by Shiba Inu. Whenever the owner of the NFT changes the name of one of the 10,000 NFT “Shiboshi”, USD $ 100 will be burned in SHIB.
“If everyone names their Shiboshis, it will be a burning of [US]$ 1 MILLION dollars“Explains one blog post of the Shiba Inu team members.
The sale should start next week, and users will need to load LEASH coins if they want to be among the first to participate. After the first 24 hours, purchases with ether.
The first 3,000 Shiboshis They will be sold at a price of 0.1 ETH, in the equivalent of LEASH tokens. The next 5,000 will cost 0.2 ETH, and the final series will sell for 0.3 ETH. There will be a maximum limit of 10 NFT per wallet. Initially, Shiba Inu NFTs will be available through decentralized exchange (DEX) ShibaSwap, where the purchase and trade will be “completely free (except for the fee)“.
This event may be contributing to SHIB’s latest price increase, as well as boosting the coin in terms of popularity. At the time of writing, the token is trading at $ 0.00002866. Meanwhile, it appears that the crypto market is not yet ready to bid farewell to the dog-themed cryptocurrency boom.
Hannah Estefanía Pérez’s version / DailyBitcoin
Image from Unsplash