The Shiba Inu Ecosystem’s Journey
The Shiba Inu (SHIB) ecosystem has experienced a roller-coaster year, marked by significant events such as the lackluster launch of Shibarium, which failed to make a substantial impact on the meme coin market. Despite this, SHIB has managed to maintain its low trading values, recently revisiting the price levels last seen in July 2021. As of the latest update, the meme coin is trading at $0.000006843, showing a daily decline of 1.78%. Over the week, SHIB witnessed a decrease of more than 5%. Interestingly, SHIB has gained popularity as an alternative to Bitcoin (BTC).
Market Insights: Shiba Inu’s Popularity Ranking
A study conducted by cryptocurrency experts at Marketplace Fairness, a platform dedicated to investment and financial growth, shed light on investors’ preferences for nearly 23,000 cryptocurrency assets in 2023. The research, based on Google search data, ranked Ethereum as the leading alternative to Bitcoin. Shiba Inu claimed the fourth position among the most popular altcoins.
- Ethereum: 3,260,000 monthly searches
- Dogecoin: 1,659,000 monthly searches
- XRP: 1,250,000 monthly searches
- Shiba Inu: 678,000 monthly searches
- Cardano: 677,000 monthly searches
- Solana: 542,000 monthly searches
- EOS: 329,200 monthly searches
Litecoin, despite being one of the early cryptocurrencies, recorded only 328,000 monthly searches globally. This might be attributed to the network’s recent halving.
Shiba Inu’s Future: Beyond Meme Coin Origins
Despite the price fluctuations drawing attention, ongoing network developments have significantly bolstered Shiba Inu’s presence. Numerous updates have enabled the asset to establish itself beyond its meme coin origins. Lucie, Shiba Inu’s marketing specialist, emphasized, “Shib is more than just a crypto; it’s a vibrant community built on faith and vision. It’s incredible to witness the unity and determination within the Shib community. Together, we believe in the potential and future of this project.”
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