The meme token’s resurgent social trend could be traceable to a supportive community.
Shiba Inu Going Strong
Weeks after being listed on Coinbase, the upward trend of meme token Shiba Inu has continued unabated.
Tokens newly listed on Coinbase usually experience a boost termed the Coinbase Effect. The effect can strongly boost a token for a few days and reportedly wears off shortly after.
However, Shiba Inu’s momentum has powered through the notion that Coinbase is the only reason for its resurgence.
The continued rise is exemplified through a few metrics:
Skynet – Certik‘s real-time analytics monitor has independently confirmed Shiba’s Google Trends. The Skynet system spotted a significant spike in Shiba’s on-chain performance. The current charts for daily transactions and daily active users show more users interact with the SHIB token.
Google Trends indicates that search interest in Shiba Inu spiked on September 16, the day it got listed on Coinbase. Four days later, the search frequency dropped to pre-listing levels. But as of the time of writing, interest in Shiba Inu is moving upwards again.
Notably, In the past 48 hours, Shiba Inu’s Twitter profile also had a lot of social interaction. Its tweets attracted more than 80,000 ‘likes.’ These likes and the recent upswing in Google returns only begin to show the picture of Shibu’s proliferation.
The token is being used across Decentralized Finance (DeFi), according to Certik. As seen in the images below, the token activity is back on the rise.
Where is Shiba Inu heading?
As the stats show, interest in Shiba Inu has grown. Often, solid social interest also brings about a strong price progression. The price of the SHIB token has appreciated by more than 300% in the last seven days.
Being listed on Coinbase gave the token a good boost. Beyond that, it could be inferred that the Coinbase Effect has tapered off and may not necessarily account for the present growth in interest.
Shiba Inu’s developers are adding more use-cases to the ecosystem. The platform’s decentralized exchange ShibaSwap promises better user benefits than Uniswap.
The team is also on the verge of launching SHIB NFTs. The numerical strength of more than 700,000 holders and one million-plus in Twitter followers is an indication that Shiba Inu’s community is keeping faith in the project.
Where to find Shiba Inu:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.
