- SHIB now has more Twitter followers than Ethereum.
- The adoption surge has also energized the cryptocurrency community.
The buzz around Shiba Inu (SHIB) is still alive despite recent on-chain stats. Consequently, traders are keeping a watch on the meme currency, which has already reached 1.8 million followers on Twitter.
To put things in perspective, SHIB now has more Twitter followers than Ethereum. The Ethereum (ETH) currency project’s Twitter account now has about 1.7 million followers. Nonetheless, the SHIB Army’s success is hardly unexpected considering its wide popularity since October.
The token’s price soared over 800 percent in a couple of days, hitting new all-time highs at $0.000088. However, it is presently sitting around $0.000057. The adoption surge has also energized the cryptocurrency community. However, given the current pricing of Dogecoin (DOGE), SHIB’s main rival, and it generated debate on the long-term viability of meme currencies.
Some merchants are exploring or possibly adopting the Shiba Inu currency as a payment method, while others remain wary. Bedrock Capital CEO Geoff Lewis recently likened the SHIB craze to Pets.com, one of the dot-com bubble’s worst business flops.
Shiba Inu is to 2021 what https://t.co/YaR4fWb2wt was to 2000.
— Geoff Lewis (@GeoffLewisOrg) November 6, 2021
SHIB Extinction Prediction
Regardless, many keep questioning whether the Shiba Inu coin price can keep devouring zeros and reach a cent. On one side, Creative Planning CEO Peter Mallouk predicted a SHIB extinction.
Shiba Inu is going to zero.
— Peter Mallouk (@PeterMallouk) November 3, 2021
It may go to the moon first, but it’s going to be a round trip with a crash landing.
With the latest biggest SHIB holding efforts to liquidate some of its tokens ultimately, traders are concerned about a significant sell-off because of the extensive take-profit activity. In addition, Crypto traders lament the present SHIB supply concentration.
Technical analysis suggests that SHIB is collecting momentum to capture bids and confirm a “buy the dips” approach that would enable it to devour more zeros in the medium and long run.
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