Shiba Inu’s Twitter account announced on Monday, September 20, 2021, that it had reached 900,000 followers.
On September 16, the price of Shiba Inu (SHIB) rose dramatically, breaking through many levels of resistance. The price increase followed the listing of the coin on Coinbase. $ 870 million was pumped into the cryptocurrency in 24 hours.
Due to the huge increase in popularity in the field of social media, meme coins have overtaken long-term projects such as Litecoin (768.2K followers), DEX Uniswap (631K followers), and even Solana (622.8K followers).
– Shib (@Shibtoken) September 20, 2021
Interestingly, of these 900,000 followers, only 12.4% are allegedly “fake accounts”, highlighting the growing interest among real retail investors in digital assets.
Shiba Inu is a decentralized meme token built on Ethereum, which was created as a competitor of Dogecoin (DOGE), whose mascot is Shiba Inu.
SHIB has a circulating supply of one quadrillion and projects as an irreplaceable token (NFT) incubator.
Elon Musk, CEO of Tesla, has recently been able to contribute to the rise in SHIB prices and this fan base by tweeting about the arrival of his new puppy Shiba Inu called “Floki”. As a result, the price of SHIB shares rose on the morning of September 13.
Floki has arrived pic.twitter.com/2MiUKb91FT
– Elon Musk (@elonmusk) September 12, 2021
Shib Inu price analysis
Coinbase’s decision was warmly received by the Shiba Inu community, increasing the value of the cryptocurrency to $ 0.000008815, an increase of almost 31.9%.
After that, however, the bull impulse weakened. SHIB is currently consolidating in two critical trading areas in preparation for a turbulent move forward.
Purchasing pressure thus returned as investors took profits, leading to consolidation between resistance levels of 0.00000768 and $ 0.00000835. So has room for further growth created?