Shiba Inu, a popular meme-based cryptocurrency, has seen a surge in SHIB flowing to major exchanges. In the past 24 hours, Coinbase, Binance, Robinhood, Cumberland, and Wintermute received a whopping 6.84 trillion SHIB, according to Arkham data.
This indicates strong investor confidence, especially in the US market. Despite trading around $0.00003, Shiba Inu remains active, with a $1.7 billion trading volume in the last day, surpassing even Cardano in trading activity.
American Investors Favor Shiba Inu: ConsenSys Survey
Shiba Inu continues to draw significant attention from American investors, as highlighted by a recent survey conducted by ConsenSys, a prominent blockchain technology firm co-founded by Ethereum’s Joseph Lubin.
According to the survey findings, US-based investors have allocated more of their investment portfolios to Shiba Inu compared to other cryptocurrencies like Solana (SOL) and Cardano (ADA). In terms of invested assets identified in the survey, SHIB ranks closely behind major cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and Binance Coin (BNB).
Factors Driving Shiba Inu’s Popularity
Shiba Inu’s enduring popularity can be attributed to several key factors, contributing to its widespread appeal and investor interest.
Firstly, the Shiba Inu community, affectionately known as the “Shib Army,” plays a pivotal role. Renowned for its passionate and dedicated following, this community actively promotes the cryptocurrency across social media platforms, generating buzz and attracting new investors to the ecosystem.
Additionally, Shiba Inu incorporates burn mechanisms, removing a portion of tokens from circulation permanently. These burns aim to increase scarcity over time, potentially enhancing SHIB’s value and appealing to investors seeking deflationary assets. A recent community-driven burn of over 13 billion SHIB exemplifies the goal-driven nature of the “Shib Army.”
Moreover, Shiba Inu, like Dogecoin (DOGE), retains its status as a meme coin. This characteristic can lead to price volatility and speculative trading driven by social media trends and influencer endorsements, further fueling market interest.
Finally, Shiba Inu has witnessed an impressive 227% price surge over the past month, attracting additional investor attention amidst a bullish crypto market. Analysts foresee a potential 822% price rally in the coming months, driven by renewed market enthusiasm and anticipated developments within the Shiba Inu ecosystem.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
