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Shiba Inu ranks as the third meme coin with the most social interaction, outperforming other assets like Floki Inu and Bonk.
Despite the massive bloodbath across the broader crypto market, meme-based cryptocurrencies have shown resilience in terms of social activity.
Shiba Inu Ranks Third in Social Interaction Leaderboard
Amid the ongoing market onslaught, Shiba Inu ranks among the top three meme-based cryptocurrencies by social interactions. According to data from Lunar Crush, a renowned social intelligence platform, Shiba Inu is the third meme coin with the most social interactions.
It's so far been a day of consolidation across crypto markets but memecoins are proving to be resilient.
Top memecoins by social interactions…
1⃣Dogecoin $DOGE
2⃣Pepe $PEPE
3⃣Shiba Inu $SHIB
4⃣Floki $FLOKI
5⃣Bonk $BONK
6⃣Myro $MYRO
7⃣dogwifhat #DOGWIFHAT…view all top… pic.twitter.com/SHyw98Dsuy
— LunarCrush (@LunarCrush) March 14, 2024
It bears mentioning that the social interaction metric considers an asset’s social media engagement across various platforms like X/Twitter, Reddit, and Discord. Per the data, Shiba Inu obtained a social interaction score of 8.15 million, which comprises social media likes, upvotes, retweets, and comments.
Shiba Inu’s 8.15 million social interaction score makes it the third meme coin in the category. It is only behind Pepe (PEPE) and Dogecoin (DOGE), which recorded social interaction scores of 32.84 million and 10.71 million, respectively.
However, Shiba Inu outperformed other meme coins, like Floki Inu (FLOKI), Bonk (BONK), Myro (MYRO), and Dogwifhat (DOGWIFHAT) in the ranking.
Per the data, FLOKI, BONK, MYRO, and DOGWIFHAT social interaction scores stood at 5.52 million, 5.35 million, 3.77 million, and 3.43 million, respectively.
Crypto Prices Plunge
The development comes on the heels of massive consolidation across the market. The prices of various crypto assets have plummeted heavily over the past day. For example, Bitcoin (BTC) is down 6.51% in 24 hours to $68,524, while Ethereum has staged a 5.27% decrease to $3,758 within the same timeframe.
The meme coin market has also not been spared in the ongoing onslaught. The total market cap in this category has plummeted to $59.42 billion, down 9.3% in the past day. Two of the biggest meme coins, Dogecoin and Shiba Inu, have lost 9.3% and 10.05% of their gains, respectively.
Shiba Inu, which spiked to around $0.000045 on March 5, is currently priced at $0.00003011.
New Updates Could Propel Shiba Inu For a Rally
In the meantime, Shiba Inu has received positive updates this week that could set the stage for a potential uptrend. As reported yesterday, crypto payments provider BitPay partnered with Transak to bolster Shiba Inu’s adoption. Under the partnership, BitPay customers in the United Kingdom and Europe can purchase up to $75,000 worth of Shiba Inu tokens in a single transaction.
Furthermore, Shiba Inu’s ecosystem partner, Unification, recently announced plans to support SHIB as a payment option on the public beta version of its node service, UNoDE.
Also, the leading crypto exchange, Crypto.com, took to two of the leading mobile app stores, Google Play and Apple’s App Store, to promote Shiba Inu. These updates could position Shiba Inu for a potential rally when the market stabilizes from the ongoing consolidation.