HomeBitcoinMemecoin Is Europe's 2nd Most Beloved Crypto

Memecoin Is Europe’s 2nd Most Beloved Crypto

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Shiba Inu (SHIB), the leading canine-themed cryptocurrency, has captured the attention of investors worldwide, emerging as the second most searched cryptocurrency in Europe.

Surpassing established contenders like Ethereum (ETH), Cardano (ADA), and even its predecessor Dogecoin (DOGE), SHIB’s meteoric rise in popularity signals a significant shift in the cryptocurrency landscape.

The surge in interest comes on the heels of an impressive rally in SHIB’s price, with the token witnessing a staggering 300% increase over eight days in early March. Investors, both seasoned and new, found themselves captivated by SHIB’s impressive performance, reminiscent of its glory days in 2021.

SHIB registers a solid increase in the weekly timeframe. Source: Coingecko.

The price of the memecoin has been rising over the last 24 hours, and it has made a failed attempt to break above the $0.3 resistance level. Even with this setback, the SHIB price’s tenacious development trajectory and durability point to the possibility of a positive breakout if the $0.00003 barrier is forcefully crossed.

Shiba Inu Bags No. 2 Spot As Second Most-Adored Crypto

Europe, in particular, has emerged as a hotbed of enthusiasm for SHIB, with data revealing that it ranks only behind Bitcoin (BTC) as the most searched cryptocurrency in the region. Seven European countries, including Italy, Russia, and France, witnessed a skyrocketing surge in online searches for SHIB, outpacing other major cryptocurrencies in the region.

Shiba Inu: Global Community Strength

Beyond Europe, SHIB’s appeal has transcended borders, with increased Google searches observed in countries such as Pakistan, the Netherlands, Slovenia, Canada, and Nigeria. This global interest underscores SHIB’s status as a truly international phenomenon, captivating the attention of investors across continents.

Bitcoin is now trading at $71.029. Chart: TradingView

One of the key factors driving SHIB’s popularity is its vibrant and dedicated community, as evidenced by its recent ranking as the number one meme-based cryptocurrency with the strongest community.

A poll conducted by WazirX revealed that SHIB garnered 48% of the total votes, outperforming rivals like Dogecoin, Floki Inu, Pepe, and Bonk. The SHIB community’s unwavering support and engagement have solidified its position as a force to be reckoned with in the cryptocurrency world.

During the last week, the most searches pertaining to Shiba Inu came from these countries. Source: Google Trends.

However, amidst the euphoria surrounding SHIB’s ascent, it’s essential to acknowledge the competitive landscape within the cryptocurrency market. The rivalry between SHIB and other dog-themed cryptocurrencies, notably Dogecoin and Floki Inu, remains palpable.

The SHIB community’s confident assertion of being the “top dog” in the crypto world is a subtle nod to its competitors, highlighting the spirited competition that defines this niche market segment.

Featured image from Pexels, chart from TradingView

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