Shiba Inu Soars to New Milestone in Billion-Dollar Crypto Market
• Shiba Inu has seen a steady increase in user base, now standing at 3.7 million followers on Twitter and 2.3 million wallets holding SHIB tokens.
• The memecoin has developed the capacity to stay resilient in case of a black swan event through its Shibarium Layer-2 protocol.
• Despite these milestones, the token’s performance has been subpar this year with only an 18.06% increase in price valuation.
Growth of Shiba Inu Community
Shiba Inu (SHIB) has maintained a steady growth course thus far this year despite the uncertainties that have continued to ravage the broader digital currency ecosystem. One of the latest upticks in terms of new ecosystem milestones printed by Shiba Inu is the growth in its community as measured by total followers on Twitter. At the time of writing, Shiba Inu has approximately 3.7 million followers on Twitter, a figure that is significant in the sense that it also balances the 3.7 million followers that are following its top rival Dogecoin (DOGE). The memecoin is notably staying resilient as the total number of wallets holding SHIB according to data from CryptEye is now pegged at 2,373,060. More users have continued to join the Shiba Inu community on a daily basis with as many as 400,000 followers added over the past year according to reports.
Poor Performance
These impressive milestones have however translated to little effort in terms of growth since the start of the year. Despite its inherent extreme volatility, Shiba Inu’s growth has been tilted much more toward the bearish side since January 2021 with only an 18.06 percent increase in price valuation and keeping it even at subpar levels when compared to YTD growth for Bitcoin (BTC) and Ethereum (ETH).
Shibarium Layer-2 Protocol
Shiba Inu started out as a mere joke but in recent times its overall outlook has been significantly transformed with Shibarium – an independent Layer-2 protocol which seeks to empower users within Ethereum and Web 3 ecosystems and harnesses best industry features for them simultaneously .
Black Swan Event Looms
While Shiba Inu’s price movement may be underwhelming thus far this year ,the memecoin continues to stay resilient against potential black swan events that could shake up both cryptocurrency markets and traditional markets alike . The token currently stands as 15th largest digital currency by market capitalization changing hands at $0 .000009901 .