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Study: SHIB is the biggest gainer by social media growth in 2021 dwarfing other trending coins

Study: SHIB is the biggest gainer by social media growth in 2021 dwarfing other trending coins

Shiba Inu (SHIB), a decentralized meme token built on the Ethereum network, was one of the most often referenced cryptocurrencies on social media in 2021. 

The most significant increase in social media conversations about Shiba Inu was fueled by market speculation about the token’s potential listing on Robinhood, as traders clamored via a petition, which caused the assets price to reach a new all-time high.

For instance, social media talks about SHIB, a rival meme token to Dogecoin (DOGE), increased by more than 16,000% in 2021, the largest growth rate compared to the other top 10 cryptocurrencies in the same year, according to the social media analytics platform GlobalData.

Trending cryptocurrencies in 2021. Source: GlobalData

The growth calculation is based on the number of discussions in 2020 and 2021 as of December 9, 2021, both on Reddit and Twitter.

Crypto social media conversation increase 400%

Notably, the number of social media conversations around cryptocurrencies as a whole increased by more than 400% year on year in 2021 as per the leading data and analytics company.

Social Media Analyst at GlobalData, Smitarani Tripathy, revealed:

“Social media conversations around crypto as a topic surged year on year by more than 400% in 2021*. Mentions by technical experts, blockchain experts, CEOs, and fintech experts were found to be more impactful to drive discussions around crypto.  Elon Musk, the CEO of Tesla, proved to be one of the most influential contributors to the crypto market and played as a catalyst for top cryptos such as Bitcoin and Dogecoin.”

Bitcoin (BTC), in particular, has emerged as the most often referenced cryptocurrency in social media talks among Twitter Influencers and Redditors in that time, with over 881,900 discussions.

After the Securities and Exchange Commission (SEC) authorized the first US Bitcoin futures exchange-traded fund (ETF) for trading, Bitcoin generated the most interest on social networks when it traded over $66,000. 

When Elon Musk announced that he would no longer accept Bitcoins for the purchase of Tesla (NASDAQ: TSLA) vehicles due to worries about the environmental impact of cryptocurrency mining, social media conversations also erupted.

Other crypto mentions

The second most valuable cryptocurrency in terms of market capitalization, Ethereum is also ranked second with almost 305,800 discussions, behind only Bitcoin. When Ethereum outperformed Bitcoin, the number of people talking about it increased dramatically. 

In addition to its involvement with ancillary development areas in the cryptocurrency industry, such as decentralized finance (DeFi), non-fungible tokens (NFTs), and the Metaverse, Ethereum’s association with these sectors was one of the primary drivers of its exceptional success.

Conversely, Dogecoin was the third most talked about cryptocurrency in 2021, with over 150,700 conversations, an increase of more than 8,000% over the previous year. Talk about Dogecoin exploded when the cryptocurrency’s value rose after Elon Musk’s tweet announcing the launch of a satellite dubbed DOGE-1 in 2022 and referencing it as the currency of the future. 

Elon Musk’s tweet, in which he announced that Dogecoin would be accepted in exchange for Tesla ‘merch’, was another significant factor contributing to the current rise in conversation around Dogecoin. 

Finally, Binance Coin (BNB), Cardano (ADA), Polkadot, Solana (SOL), Tether, and XRP were the other top-discussed cryptocurrencies on social media in 2021.

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