The meme coins continue to battle for supremacy as Shiba Inu and BabyDoge race towards 1 million holders. It is interesting to think about where these coins come from and the whole premise behind them. A year ago, meme coins were not a thing. Now, they are some of the biggest projects in the crypto space. They have proven that utility is not always the driver of growth in the space.
However, as more meme coins flood into the market, competition has been stiff among the top projects. First, Shiba Inu had come to the forefront branded as the “Doge Killer”, referring to the OG meme coin. Now, Shiba Inu has found fierce competitors in the likes of BabyDoge and Floki Inu. As meme coins continue to gain popularity, who will hit the 1 million holder mark first?
Race To The Top
As of the time of this writing, both Shiba Inu and BabyDoge have surpassed 950,000 holders. The two meme coins continue to race towards one million holders but SHIB has the lead by about 40,000 holders. What is interesting is that Shiba Inu began to gain traction before BabyDoge, yet the holders in both of these projects are in close proximity to one another.
Related Reading | Here’s Why Dogecoin Withdrawals Are Frozen On Binance
A driver for this is the pursuit of 100X gains. For a coin like Shiba Inu, most believe that there is not as much opportunity for growth compared to a relatively new project like BabyDoge. SHIB has knocked off multiple zeroes off its price, but BabyDoge still has a ways to go. Getting to a point where it is as high as Shiba Inu’s price would mean massive gains for its holders.
Shiba Inu price trending around $0.00005 | Source: SHIBUSD on TradingView.com
BabyDoge currently has an impressive 957,453 holders. However, Shiba Inu has 992,986 holders. This puts the latter way ahead in the race towards 1 million holders and more than likely means that SHIB will be the first of the two meme coins to cross that figure.
Shiba Inu Dominates Social Media
Shiba Inu’s growth extends broader than its holder base. The meme coin has consistently dominated discussion on social media platforms like Twitter. Even Google searches have not been left out as the meme coin is one of the most googled cryptocurrencies in the market. It is squaring up against top coins like Bitcoin and Ethereum on these platforms.
Related Reading | Shiba Inu Continues To Dominate Community-Wise, But Why Is The Price Suffering?
Shiba Inu has more followers on Twitter than the top 2 coin Ethereum after the meme coin had hit 1.9 million, moving ahead of ETH which has 1.8 million followers on the platform. This number also puts it ahead of beloved projects like Cardano, SafeMoon, and Solana on the platform. SHIB remains one of the most talked-about crypto projects on social media platforms.
The cryptocurrency is also one of the most watch-listed coins on CoinMarketCap, appearing on over 1.7 million watchlists, coming up behind Ethereum and Bitcoin on the list.
Featured image from Ticker NEWS, chart from TradingView.com
Credit: Source link