The number of Shiba Inu Coin Twitter followers has reached 1.8 million. Officially surpassed the official Ethereum (ETH) account with 1.7 million fans. According to the “u.today” report, as of October 28, SHIB has accumulated more than 1 million tweets on Twitter.
The amazing increase of Shiba Inu coin also allowed some early investors to get amazing rewards. In August last year, an investor spent a total of US$3,400 to purchase Shiba Inu Coins and has held them to this day. Now the value of this investment once exceeded $1.55 billion.
Companies that accept Shiba Coins slowly appear
After receiving a lot of attention, SHIB has also begun to be adopted by some companies despite the extreme volatility.
Adam Aron, chief executive of American theater chain AMC, announced that the company is considering adding SHIB as a payment method for ticket purchases. Le Bistrotd’Eleonoreet Maxence, a Parisian pub, also announced that it has begun accepting SHIB as payment.
In addition to Shiba Inu coins, there are currently many canine tokens on the market. For example, the development team of SHIB has also developed another token called Doge Killer (LEASH). There has been an increase of more than 500% in the past three months.
Another token is Dogelon Mars (ELON). This is a token based on Tesla CEO Musk and his love of space travel. In October alone, the token rose by more than 3,780% and was listed on OKEX and Crypto.com on October 29.
Justin Trollip, a core team member of the decentralized exchange Pangolin, believes that the short-term potential of all highly speculative memes and Dogecoins across blockchains is unpredictable. But it also calls on investors to pay attention to risks.
‘’We are in a raging bull market. Therefore, speculative assets with huge upside tend to perform well. We are currently in the meme cycle, so I think these tokens have room for upside. It boils down to your time frame as an investor. Most people I have seen who have made huge gains on meme tokens usually do not make a profit and treat them as long-term assets. I think this is a risky strategy. ‘’
Social media promotes memes
Hot discussion and marketing promotion on social media also play an important role in the price of memecoin. For example, Musk is the best example. He often influences the price movements of DOGE and FlokiInu (FLOKI) through Twitter posts.
But in the long run, this attitude may be detrimental to cryptocurrencies.
Justin Trollip, a core team member of the decentralized exchange Pangolin, said:
“Currently, traditional assets are still invested behind closed doors in a regulated manner. Within this framework, the winners have been determined in advance. I am really worried that you have begun to see this spread to cryptocurrencies. In the current enthusiasm for getting rich Most people don’t care about Satoshi Nakamoto’s spirit, they only care about money.”
Nevertheless, new meme tokens and Dogecoin are entering the market every day. Retail investors tend to buy these new meme tokens and Dogecoins in order to replicate the past gains on DOGE and SHIB.
However, investors should carefully consider the risks they can take before trading on memes. Its currency prices and social media sentiment may have reached its highest level.