- Shiba Inu (SHIB) has shown resilience amidst market turbulence, ranking third in social interactions among meme coins.
- Despite a broad decline in cryptocurrency prices, SHIB has outperformed other meme coins like Floki Inu and Bonk.
- Recent positive updates, including partnerships with BitPay and Transak, as well as support from Unification and promotion by Crypto.com
In the midst of the current market upheaval, Shiba Inu (SHIB) has exhibited notable strength in terms of social activity, clinching the third spot among meme coins with the highest social interactions. Even as the broader cryptocurrency market experiences a significant downturn, Shiba Inu has managed to outshine other meme-based assets such as Floki Inu (FLOKI) and Bonk (BONK).
Data from Lunar Crush, a well-known social intelligence platform, reveals that SHIB achieved a social interaction score of 8.15 million, encompassing social media likes, upvotes, retweets, and comments across various platforms, including X/Twitter, Reddit, and Discord.
This remarkable score positions SHIB just behind Pepe (PEPE) and Dogecoin (DOGE), which recorded social interaction scores of 32.84 million and 10.71 million, respectively.
It is worth noting that Shiba Inu’s social presence outperformed other meme coins in the ranking, such as FLOKI, BONK, Myro (MYRO), and Dogwifhat (DOGWIFHAT), which registered social interaction scores of 5.52 million, 5.35 million, 3.77 million, and 3.43 million, respectively.
Shiba Inu’s impressive social performance comes amidst a period of substantial consolidation in the cryptocurrency market. Over the past day, the prices of various crypto assets have experienced significant drops, with Bitcoin (BTC) falling by 6.51% to $68,524 and Ethereum (ETH) declining by 5.27% to $3,758 within the same 24-hour period.
Recent Developments Could Pave the Way for Shiba Inu’s Upward Trajectory
Notwithstanding the market downturn, SHIB has been the recipient of several encouraging updates this week, potentially setting the stage for a future rally. Crypto payments provider BitPay has joined forces with Transak to enhance Shiba Inu’s adoption, enabling BitPay customers in the United Kingdom and Europe to acquire up to $75,000 worth of SHIB in a single transaction.
Moreover, SHIB’s ecosystem partner, Unification, recently unveiled plans to integrate SHIB as a payment option on the public beta version of its node service, UNoDE. In addition, leading crypto exchange Crypto.com showcased Shiba Inu on two of the most widely used mobile app stores, Google Play and Apple’s App Store. These developments could strategically position Shiba Inu for a potential upswing once the market stabilizes from the current consolidation phase.
Shiba Inu’s robust social presence and recent positive developments highlight the meme coin’s tenacity amidst market turbulence. As the cryptocurrency market navigates a period of consolidation, Shiba Inu’s capacity to sustain high levels of social interaction and secure new partnerships and integrations could lay the foundation for future expansion.
