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Shiba Inu is the most-used non-stablecoin token on ETH network in last 7 days

Shiba Inu is the most-used non-stablecoin token on ETH network in last 7 days
Jordan
Major
12 months ago
3 mins read

Shiba Inu (SHIB), a decentralized currency based on the Ethereum (ETH) blockchain, is currently the most widely used non-stablecoin token on the network.

Notably, in the last week, SHIB has led the three charts ahead of all the other non-stablecoin tokens in third place in terms of top tokens by unique senders, unique receivers, and total uniques.

Indeed, with 102,746 unique senders, 66,194 unique receivers, and 132,708 total uniques, it is behind the two stablecoins Tether USD (USDT) and USD Coin (USDC), in all categories respectively, according to data provided by Etherscan.io.

Top Tokens on the Ethereum network over the last 7 days. Source: Etherscan.io

Shiba Inu’s growing popularity

Nevertheless, despite recent criticism of the coin, particularly from Scion Capital’s former hedge fund manager, Michael Burry, who called the token “pointless” and a “bad investment option,” given the established impact of having an ample supply on an asset’s price appreciation.

There has been consistent retail demand for the meme coin, having recently passed the one million follower mark on the social media platform Twitter and adding more than 268,000 signatures to its petition entitled “Kindly request of Robinhood to list Shiba Inu coin!” When that number reaches 300,000, this petition will quickly rise to the top of the website’s most popular petitions list.

Furthermore, it is the number 1 searched coin out of the top 30 trending searches on CoinGecko from 11 – 18 October 2021, according to COIN98 analytics.

Not to mention that the digital asset added almost 40,000 new holders in 10 days, in fact, between June 21, when the meme token had 536,300 holders according to Etherscan.io’s when using a web.archive.com tool for historical data, and October 18, the meme token added over 200,000 additional holders.

SHIB developments

It’s worth mentioning that a portion of the cryptocurrency community thinks that SHIB is unusable in the real world. Simply put, it exists to provide a means for smaller investors to earn quick money.

However, with the launch of a new NFT marketplace and the establishment of a rescue organization, the initiative has the potential to transform its image across the globe. For example, the Shiba Inu token may now be bought at 4,000 ATMs throughout the United States and Brazil via Coin Cloud, making it even more accessible.

Currently, the token is now trading at $0.0000282, up 3.44% in 24 hours and up just 0.28% in the last week, with a market capitalization of $11.1 billion, according to CoinMarketCap.com statistics.

Shib Inu 7-day price chart. Source: CoinMarketCap.com

It’s interesting to note that the value of SHIBA has increased dramatically in the last 30 days, from $0.000008 to $0.0000283, a considerable gain.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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