The meme crypto asset Shiba Inu (SHIB) is the second-most popular meme coin in the crypto market. It comes second only to Dogecoin and recently sparked the rumors that it might outperform DOGE at some point. However, these are just speculations and any such price movement is yet to be seen in real life.
Shiba Inu does not cease to amaze crypto enthusiasts. As per reports, it has now reached an amazing milestone of having more than a million token holders.
This can indicate the growing prominence of the meme crypto asset. However, meme coins are considered less stable and significant as compared to well-established digital assets such as Bitcoin and Ethereum.
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Why Does Shiba Inu Stand Out?
Shiba Inu (SHIB) has had quite the year, considering its extreme price fluctuations and the brief period in which it reached an all-time high (ATH).
Even though Dogecoin is the most popular meme coin, Shiba Inu has also left an unforgettable mark on the crypto market. A month ago the price of the canine-theme crypto asset surged as high as $0.00008719.
It has now dropped to $0.00003905 (at the time of writing).
Here is a graph by CoinMarketCap that shows the price fluctuations for Shiba Inu over the last month.
The price of Shiba Inu and its demand has recently declined, especially when compared to the past few months. However, despite this downturn, the meme coin has seen significant growth in its user base, which is now up to more than a million wallets.
This news update did cause the price of SHIB to increase, however, the price surge was brief and since then it has dropped once again.
Overall 2021 has been quite beneficial for NFTs, DeFi and meme coins such as DOGE and SHIB. Dogecoin has received massive popularity this year and the second meme crypto asset to steal the spotlight has been Shiba Inu.
Even though SHIB now has a large user base, it still has a long way to go until it reaches as high as a digital asset such as Bitcoin.
However, reaching over million wallets is still a remarkable achievement, considering that it is a meme coin.
What Should you Invest In?
There are numerous cryptocurrencies in the market and you can choose any of the available assets according to your personal preference.
Bitcoin and Ethereum are generally the most popular cryptocurrencies that have a high value and a large user base as well. Since these digital currencies are considered to be more permanent, more people and major entities are interested in investing in BTC or ETH, instead of buying meme coins such as DOGE or SHIB.
Therefore, if you are looking to step into the crypto space then you can use one of the best platforms from one of the crypto exchange lists.
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