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Shiba Inu, the Third-most Googled Cryptocurrency, Skyrockets 65%

Posted Thursday, October 28, 2021 by
Arslan Butt • 2 min read

According to a recent survey conducted by Bacancy Technology, the meme-inspired cryptocurrency, Shiba Inu (SHIB), has become the third-most Googled cryptocurrency so far this year, at a time when it is consistently setting new highs.

According to MarketWatch, the survey found that, on average, Shiba Inu has been searched 2.8 million times a month this year, while Bitcoin has been searched a whopping average of 22 million times a month. Ethereum came in second position, with an average of 6.3 million monthly searches.

SHIB/USD closed at $0.00007952, after placing a high of $0.00008715, and a low of $0.00004692. SHIB/USD continued its bullish rally on Wednesday, rising for the fifth consecutive session, to reach its all-time high (ATH) at $0.00008715.

SHIB ranks as the fifth-highest yielding cryptocurrency, with 26% in gains in the month of October. On Wednesday, the executive editor of news for Bloomberg Digital, Joe Weisenthal, said that Dogecoin has now become boring, while Shiba Inu is currently considered cool.

He added that although the coin was created as a spinoff of Dogecoin, it has two basic advantages over its rival, as it was built on Ethereum, it has more advanced smart contract profile capabilities, and it is a lot cheaper.  He explained that, unlike DOGE, SHIB is more than just a meme-coin, as it has a decentralised exchange, ShibaSwap, which gives users the ability to provide liquidity, and to stake and swap tokens, to gain WOOF Returns through a passive income reward system. It also provides support for NFTs.

In contrast, he said that Dogecoin was just sitting there, like Bitcoin, waiting for billionaires like Elon Musk and Mark Cuban to tweet about it. He also said that the low price of SHIB makes it more attractive than Dogecoin for ordinary retail investors. These comments added to the already rising prices of SHIB/USD on Wednesday.

The SHIB token has been receiving bullish bets, as the believers in the SHIB token have started a petition, in an effort to get Robinhood to add the SHIB token to its platform. About 300,000 votes in favor have been received, and prospects that the petition might prompt Robinhood into making the decision are increasing. The optimism in the market pushed token’s price higher, and helped SHIB to reach its ATH.

The expectations that SHIB could take the place of Dogecoin have also started to increase, with Shiba Inu’s rising market cap. The Dogecoin-killer has a market cap of 29 billion dollars and it is ranked as the 11th-biggest cryptocurrency, whereas Dogecoin’s market cap is $31 billion, and it is the 10th-largest cryptocurrency in the world.

Shiba Inu daily technical levels

Support                    Resistance
0.00005525            0.00009548
0.00003097           0.00011143
0.00001502           0.00013571
Pivot Point:            0.00007120

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