• CoinMarketCap’s Q1 2023 report ranked Shiba Inu among the most viewed cryptocurrencies on its platform after Bitcoin (BTC) and Baby Doge Coin (BABYDOGE).
• The Shiba Inu community witnessed a rapid rise in activities in March, particularly after the launch of Shibarium’s testnet — Puppynet.
• Per CoinMarketCap’s data, Shiba Inu’s price has increased by 5.30% over the last 24 hours.
Shiba Inu Ranks Among Most Viewed Crypto Assets
CoinMarketCap’s Q1 2023 report has placed Shiba Inu among the most viewed crypto assets on its platform following Bitcoin (BTC) and Baby Doge Coin (BABYDOGE). With traders across various continents keeping tabs on its recent price movements, it is evident that SHIB’s popularity has grown significantly since December 2022 when 1.809 million users had it on their watch list.
SHIB Price Rally Amid Spike in Ecosystem Activities
The month of March saw a surge in activities within the Shiba Inu community with Shibarium’s testnet — Puppynet— launched on 11th March receiving an overwhelming response from users who created over 100,000 wallets and transacted 800,000 times within three weeks of its release. As per CoinMarketCap’s data, SHIB’s price is up 5.30% over the past 24 hours and trades at $0.00001141 with a 7-day gain of 11.52%.
North America Leads as Most Popular Region for SHIB Trading
CoinMarketCap’s report revealed that North America leads as the most popular region for SHIB trading with 20.39% views among crypto traders followed by Asia with 14%. Africa stands third with 13%, Oceania fourth at 12%, South America fifth at 10%, while Europe lags behind all other regions with only 11%.
Data Suggests Growing Interest in Meme Coins
The growing interest in meme coins suggests that investors are increasingly looking to diversify their portfolios beyond traditional assets like stocks and bonds into more exotic options such as digital currencies tied to popular internet culture phenomena like Dogecoin or SHIB tokens. This could be attributed to the fact that these coins offer potentially higher returns than traditional investments due to their high volatility and lack of regulation in comparison to mainstream assets available today.
Meme coins continue to attract increasing attention from both novice investors seeking quick profits as well as experienced traders looking for alternative investments due to their unique characteristics such as high liquidity and short-term gains potential despite being subject to extreme volatility risks which can lead to sudden losses if not monitored properly.