Shiba Inu’s Recent Short Price Rallies are Triggered by Social Media Influence

Shiba Inu has become a popular cryptocurrency among social media users

What is the influence of social media over cryptocurrencies? Well, the answer lies in the recent Shiba Inu price rally. Recent reports reveal that social media buzz around Shiba Inu is hyping up the value of the token. Accompanied by the amplified whale interest, and the developers' newfound interest to extend SHIB facilities over to the metaverse, the memecoin has successfully become one of the most-talked cryptocurrencies in the economic markets. Analysts also predict that the increased hype around SHIB will help the crypto outperform all other meme coins and is now the top-ranking token in terms of the cryptocurrencies that are held by the top 500 ETH whales in the world.

Due to its growing social media chatter, SHIB has reported a surge of 8% in terms of social mentions and a 10% surge in social engagements. In a nutshell, social media sentiments around SHIB are extremely positive, despite the market's present volatility. But now the real question that arises is, what happens to Shiba Inu if the social media buzz ends? The crypto has failed to perform and entice investors for quite a long time, which is why the developers have been trying really hard to help grow the token into becoming equal with its competitors. Now, the challenge is that Shiba Inu is a popular cryptocurrency, but it does not yield valuable or competitive real-world use cases. It is only a matter of time before SHIB's competitors will start yielding more plausible real-world uses, and the social media chatter around the self-proclaimed 'Dogecoin-killer' will cease to exist.

The Shiba Inu ecosystem is focusing on burning tokens in order to increase its market value in the future. But the increase in burnt tokens, with the boost in social media attention has not affected the volume of SHIB tokens, since the memecoin's volume is currently quite stable. Quite recently, crypto whales have been loading up their wallets with SHIB tokens, hence, investors must prepare for a bullish price rally in the coming months.