Shiba Inu surpasses Bitcoin popularity on Twitter as community awaits NFT launch
Amid a meteoric price surge, the Shiba Inu puppy token (SHIB) is positioning itself as the most popular cryptocurrency on Twitter.
Shiba Inu, who calls himself the “Dogecoin killer,” the biggest doggy meme coin by market cap volume, has risen more than 360% in the last four weeks. The sudden rise has led the token to rank 17th in the ranking of top 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.
Shortly after, the token 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.
According to CoinTrendz, which collects data on the latest cryptocurrency trends, Shiba Inu is outpacing Bitcoin in terms of popularity on Twitter.
According to data collected on October 11, SHIB received more mentions on Twitter within an hour than Bitcoin, Ethereum, Dogecoin, Cardano, and other altcoins, including those that make the top 10 list.
The canine meme token garnered 419 mentions in an hour, while the flagship cryptocurrency Bitcoin garnered 307, ranking second. 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 collected by mentions of cryptocurrencies on Twitter places Bitcoin as the most popular, SHIB continues to hold the second place, in relation to the highest number of mentions.
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 non-fungible tokens (NFTs) with the theme of doggy.
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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 “lovable creatures” released by Shiba Inu. Whenever the owner of the NFT changes the name of one of the 10,000 “Shiboshi” NFTs, $100 in SHIB will be burned.
“If everyone names their Shiboshis, it will be a [US] $ 1 MILLION burn,” explains a blog post by members of the Shiba Inu team.
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, ether purchases will also be available.