Shiba Inu ($SHIB) was the most popular cryptocurrency on Twitter during the month of October, according to data compiled by ICO Analytics and shared on the microblogging platform.
The data, shared in a tweet, shows the 20 most discussed cryptocurrencies on the platform last month, and makes it clear SHIB received a 22% share of all cryptoassets discussions on the platform, dwarfing Ethereum’s 8.1% and Bitcoin 7.2%.
Notably, BTC and ETH are the top two cryptoassets by market capitalization and made new highs last month as the first bitcoin futures exchange-traded fund (ETF), the ProShares Bitcoin Strategy ETF, started trading on the New York Stock Exchange.
Shiba Inu rival Dogecoin ($DOGE) came in fourth place with a 4.8% share, while SafeMoon came in fifth with a 4.6% share of the discussions. Behind it came Solana ($SOL) and Cardano ($ADA) with 3.8% and 2.9% respectively, despite seeing massive price performances.
Notably, Shiba Inu’s price rally this year was mostly driven by a retail trading frenzy that has seen the number of addresses holding the cryptocurrency surpass 900,000 as its supporters, the so-called SHIBArmy, fight to get it listed on more and more trading platforms.
As reported, a petition asking commission-free trading platform Robinhood (NASDAQ: HOOD) to list the meme-inspired cryptocurrency Shiba Inu ($SHIB) on its platform has seen over 500,000 people sign it in a bid to support the cryptocurrency.
The SHIB rally has been such that a 35-year-old former supermarket warehouse manager who first started researching cryptocurrencies in a bid to “modestly grow the tens of thousands of dollars in savings” has seen its fortune swell past the $1.5 million mark thanks to the cryptocurrency.
According to CoinDesk, however, the number of addresses that acquired SHIB within 20% of its all-time high climbed six-fold to 116,560 in the last few weeks, indicating a rush to buy the cryptocurrency near its high. Per its report, the data shows a sign of fear of missing out (FOMO) among traders.
In its weekly newsletter, blockchain data firm IntoTheBlock noted that the “last time this pattern emerged in Shiba Inu in May, SHIB dropped by 90%.” While previous price performance does not guarantee future actions, the figure shows there’s an ongoing speculative frenzy when it comes to Shiba Inu’s price.
On top of that, Digital asset-focused research firm Delphi Digital has revealed that historically dog coins, meaning cryptocurrencies inspired by the popular Shiba Inu meme, have historically been “a pretty good indication of an overheated market.”
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.