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Shiba Inu

Shiba Inu Tops Crypto Market In This Metric

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows that Shiba Inu is the number one cryptocurrency in the market based on the growth of its Telegram community.

Shiba Inu Tops The Telegram Community Growth List

As per data from a crypto analytics service on Twitter, SHIB currently has the fastest Telegram community growth in the market. The “community growth” here is measured using the 7-day change in the total number of participants in a social media community of a specific project.

The platforms considered here are Telegram, Twitter, and Discord. Below is a table that shows the top 10 cryptocurrency projects for each of these social media platforms based on their 7-day community growths:

Shiba Inu Community Growth On Telegram

Looks like SHIB is at the top of the first list | Source: CryptoDiffer on Twitter

As you can see above, Shiba Inu has managed to top the Telegram 7-day community growth list, as the meme coin has observed 32,455 new users joining its community on the platform during the past week.

Related Reading: Bitcoin Exchange Supply Continues Decline As Holders Push Towards Self-Custody

In terms of growth on Twitter and Discord, however, the cryptocurrency doesn’t seem to have been able to even break into the top 10, let alone top the list. This would suggest that Telegram is currently by far the number one platform that new SHIB followers are going to.

Shiba Inu Has Declined By 5% During The Past Day

Despite the fact that the meme coin has observed such sharp growth in its Telegram community (showing that interest around the coin is high enough right now to attract a lot of new users), the price has taken a hit during the past couple of days.

At the time of writing, Shiba Inu is trading around $0.00001332, down 5% in the last 24 hours.

Shiba Inu Price Chart

The value of the asset seems to have seen some decline in the last few days | Source: SHIBUSD on TradingView

From the chart above, it’s apparent that the price of the meme coin has been going downhill since the local top a few days back. However, as SHIB started the past week with some sharp growth, the asset’s holders are still in profits of more than 10% over the last seven days.

Related Reading: Bitcoin Volume On Exchanges Plunges, Binance’s Dominance Reaches ATH

In terms of monthly returns as well, Shiba Inu continues to hold some impressive gains of around 53%. SHIB’s 2023 rally has so far been great, but the latest decline may mean that the coin could finally be losing some steam.

One optimistic sign for investors of the meme coin may be that the asset is still the number one token being held by the 500 largest Ethereum whales, as data from the whale tracker service WhaleStats shows:

https://twitter.com/WhaleStats/status/1623438244829331456?cxt=HHwWgICwne-ezoctAAAA

These whales are holding almost $700 million in Shiba Inu right now, more than four times the amount of the next best on the list. This could suggest that these humongous investors have a relatively strong bullish conviction about the token currently.

Featured image by Leandro De Carvalho from Pixabay.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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