The popularity of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has briefly overtaken the popularity of its rival Dogecoin ($DOGE) and of other popular cryptocurrencies including bitcoin itself.
Shiba Inu’s price has been surging over the last few weeks amid a renewed interest in the cryptocurrency, which claims to be a “decentralized meme token that evolved into a vibrant ecosystem.”
According to data shared by industry analytics firm CoinTrendz, Shiba Inu had over 400 mentions on Twitter in one hour only, while BTC had a little over 300 and Ethereum had 188. Other cryptocurrencies lagged behind.
Follow-up tweets from CoinTrendz showed that later on Shiba Inu took second place on Twitter mentions, behind only the flagship cryptocurrency bitcoin which recently saw its market capitalization surpass the $1 trillion mark.
As CryptoGlobe reported, Shiba Inu’s developers recently announced the launch of an upcoming non-fungible token (NFT) sale through a Medium blog post. The sale will see them launch a collection called “shiboshis,” which will have a theme similar to SHIB itself.
The cryptocurrency’s price surged over 300% over the last three months as investors started betting on it again. SHIB now has a market capitalization of $3.6 billion, earning it a place among the top 20 cryptocurrencies by market cap, above Chainlink and Bitcoin Cash, but below Avalanche and Uniswap.
It’s worth noting that Michael Burry, the investor best known for his lucrative bet against the housing bubble ahead of the 2008 financial crisis that was immortalized in the book and movie “The Big Short,” has revealed he is not a fan of Shiba Inu.
In a now-deleted tweet, the head of Scion Asset Management shared Coinbase’s description of the cryptocurrency and highlighted its supply, which exceeds one quadrillion tokens, suggesting Burry not see the cryptocurrency as a good investment because of the vast amount of tokens in circulation. The hedge fund manager has earlier this year sounded the alarm on cryptocurrencies, saying bitcoin was a speculative bubble fueled by leverage.
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