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Competition in the business space always leads to consistent value addition and being better, mostly turns out fruitful for the users and customers
One of the most popular rivalries in the crypto space is between two meme currencies that are quite popular themselves. Both Dogecoin and Shiba Inu have started a purpose to serve as a joke currency, although with different targets, where Dogecoin was created after a viral Doge meme while Shiba Inu was created to mock Dogecoin itself. However as their popularity grew and the community got bigger, they turned towards the goal of being a useful crypto-asset while providing real-life utilities.
Still rivalry has its own place where both seek grounds to compete. This time twitter turned out to be the battleground for both Dogecoin and Shiba Inu, where Shiba Inu has achieved a new milestone of having 3.4 million followers. This came as an achievement for Shiba Inu as Dogecoin also has about 3.4 million followers on Twitter and it has also come neck to neck.
However, the more interesting part is the time taken by meme currency to be at this position. Since February, Shiba Inu has seen massive growth in its followers count that totals more than 700,000 followers. Not just followers, holder’s of memecurrency is also growing as per WhaleStats, which reached upto 1,182,817 Shiba Inu holders.
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This growth in terms of holders may not impact immediately on the price of Shiba Inu but it would keep long term interest in the meme token. The activity within the Shiba Inu community also seems to increase where WhaleStates analyzed top 100 Shiba Inu holders that reflected a spike of about 20% in those active addresses.
The blockchain data aggregator also found out that Shiba Inu has also left FTX behind in terms of top 100 ETH whales’ biggest holdings. Currently top ETH whales are holding about $403,974,830 worth of Shiba Inu that accounts for about 14.53% of their holdings. As per the recent survey conducted by Rain, leading crypto exchange firm in the Middle East, it was found that about 90.9% out of all the traders have shown their interest in Shiba Inu. Rain has listed Shiba Inu token SHIB on its platform in the month of May.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
