A recent study conducted by Bacancy Technology revealed that the Shiba Inu-inspired cryptocurrency has become the third most searched cryptocurrency on Google so far, at a time when it is regularly making new peaks.
According to the MarketWatch, the study showed that, Shiba Inu received 2.8 million searches per month, on average, so far this year, while Bitcoin received 22 million monthly searches, on average. In second place was Ethereum, with 6.3 million average searches per month.
Notably, dazzling price performance, Shiba Inu has seen itself become the 9th largest cryptocurrency, by market capitalization, ahead of the decentralized exchange leader, Uniswap (UNI) and Terra (LUNA), also surpassing its large rival, Dogecoin (DOGE).
The price of Shiba Inu hit an all-time high of $0.000078 earlier this week and is currently trading close to that at $0.000056. The price of cryptocurrency has risen by nearly 800% in the past three months, amid a commercial frenzy in retail, driven by the massive circulation supply of the cryptocurrency.
The cryptocurrency trading volume increased to rival that of Ethereum after a supporter asked Tesla and SpaceX CEO Elon Musk, who backed rival cryptocurrency Dogecoin (DOGE), how much SHIB Musk was holding.
Musk responded with one word, “none,” leading to a significant drop in the price of cryptocurrency, which at one point dropped by more than 10%. Musk was then asked about another meme-inspired cryptocurrency, Floki Inu, to which he replied that he only bought Bitcoin, Ethereum and Dogecoin.
SHIB trading volume and price also increased because of the decentralized exchange of the ShibaSwap project, which updated its listing plans to get new pairs and pools added to the decentralized exchange to burn $25,000 in SHIB and LEASH tokens, to be created.
Some token pools and Exchanges have also implemented a recording system to destroy tokens and permanently remove them from circulation. Furthermore, according to available data, SHIB whales have influenced the price of cryptocurrency as, when transactions with whales above $100,000 take place, the prices rise.
Shiba Inu was criticized for Michael Burry, the investor best known for his lucrative bet against the housing bubble, before the 2008 financial crisis, which was immortalized in the book and movie “The Big Short”.
In a tweet, now deleted, the head of Scion Asset Management shared the description of Coinbase’s cryptocurrency and highlighted its supply, which exceeds a quadrillion tokens.