The decentralized meme token, Shiba Inu (SHIB), has announced on October 6, 2021; it has reached 1 million followers on the social media platform Twitter.
Notably, the hashtag #SHIB has featured many times in the top ten most popular tweets on Twitter over the last 24 hours, and the growing amount of searches is driving the currency’s price to rise.
The Shib account tweeted out:
Thank you, #ShibArmy, for helping us reach yet another milestone in our history. Today, we reached 1,000,000 Followers on Twitter.
Coinbase’s announcement last month that SHIB is now available to clients through the company’s iOS and Android mobile applications, which was a potential trigger for the cryptocurrency’s price increase.
In fact, on September 16, Shiba Inu was added to Coinbase, making it more readily available to the exchange’s millions of cryptocurrency traders. This move was well received by the Shiba Inu community, which pushed the cryptocurrency up by more than 31.9% in only 24 hours.
Although there are initiatives focused on SHIB tokens, such as the incubator for non-fungible token (NFT) art and the recently established ShibaSwap decentralized exchange, the asset has seen the majority of its price increases originate from its popularity online as a meme currency.
SHIB is comparable to DOGE in that Elon Musk, CEO of Tesla (NASDAQ: TSLA), may have also boosted the price of SHIB tweets with his new Shiba Inu Puppy called ‘Floki,’ keeping the currency in the mainstream crypto space.
Whales stock up on SHIB
With exchanges continuing to list the token and speculations of major platforms like Robinhood listing the coin, whales have viewed this as a chance to stockpile. On September 30, a SHIB whale purchased almost 6 trillion SHIB (about $43,838,916).
Later, on Saturday, October 2, the same whale purchased 116 billion coins, then 159 billion coins, and finally 1 billion SHIB coins, totaling 276 billion SHIB.
Currently, the token competitor to DOGE, is now trading at $0.00000224, up 21.58% in 24 hours and 214.75% in the last week.