A recent study conducted by Bacancy Technology has revealed the meme-inspired cryptocurrency Shiba Inu ($SHIB) has become the third-most Googled cryptocurrency so far this year, at a time in which it’s making new highs on a regular basis.
According to MarketWatch, the study showed Shiba Inu received 2.8 million searches on average per month so far this year, while bitcoin received 22 million average monthly searches. In second place came Ethereum, with 6.3 million average searches per month.
Notably, Shiba Inu’s dazzling price performance has seen it become the 11th largest cryptocurrency by market capitalization, ahead of leading decentralized exchange Uniswap (UNI) and Terra (LUNA), but behind its rival Dogecoin (DOGE) and of Polkadot (DOT).
Shiba Inu’s price reached a $0.000059 all-time high earlier this week and is currently trading close to it, at $0.000056. the cryptocurrency’s price surged nearly 800% in the last three months amid a retail trading frenzy that was bolstered by the cryptocurrency’s massive circulating supply being confronted with significant token burns.
The cryptocurrency’s trading volume has surged to rival that of Ethereum after a supporter asked Tesla and SpaceX CEO Elon Musk, who has been a vocal supporter of rival meme-inspired cryptocurrency Dogecoin ($DOGE) how much SHIB Musk was holding.
Musk replied with one word, “none,” leading to a significant crash in the price of the cryptocurrency, which at one point was down more than 10%. Musk was then asked about another meme-inspired cryptocurrency, Floki Inu, to which he replied he only bought BTC, ETH, and DOGE.
SHIB’s trading volume and price have also surged because of the project’s decentralized exchange ShibaSwap, which updated its listing plans to get new pairs and pools added to the decentralized exchange to burn $25,000 worth of SHIB and LEASH tokens to be created.
Some token pools on the exchange also implemented a burning system to destroy tokens and permanently remove them from circulation. On top of that, according to available data, SHIB whales have been influencing the cryptocurrency’s price, as when whale transactions above $100,000 occur, prices rise.
Shiba Inu has been criticized by Michael Burry, the investor best known for his lucrative bet against the housing bubble ahead of the 2008 financial crisis that was immortalized in the book and movie “The Big Short.”
In a now-deleted tweet, the head of Scion Asset Management shared Coinbase’s description of the cryptocurrency and highlighted its supply, which exceeds one quadrillion tokens.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash