The Shiba Inu Twitter account reached a new milestone on Monday. The meme coin’s social media account is now followed by over 900,000 followers, leaving behind other projects such as Solana, Uniswap, and Litecoin.
Shiba Inu’s Twitter account is now 900,000 followers strong. That makes the project more popular on the social media site than its peers like Solana, which has 622.8K followers, prominent DeFi exchange Uniswap, which has 631K followers, and long-time open-source project Litecoin, which has 768K followers.
The Dogecoin-inspired cryptocurrency appreciated dramatically on September 16, following its listing on crypto exchange Coinbase. SHIB, which has a market capitalization of $3.4 billion, recorded an inflow of $870 million within 24 hours of its listing.
According to FollowerAudit.com, only 12.4% of the meme coin’s followers are reportedly “fake”, while 84.72% are “Active Followers”.
Unlike other meme coins that are developed for speculation-based trades, Shiba Inu has a growing ecosystem and different projects to showcase the token’s strength. In July, the developers behind SHIB rolled out a decentralized platform -- dubbed as ShibaSwap -- which raked in $1.5 billion in total value locked (TVL) in under 24 hours.
Interestingly, Shiba Inu’s recent surge might also have a connection with “Dogefather” Elon Musk. The Tesla CEO recently announced the addition of a pet Shiba Inu named “Floki” to his family. Following Musk’s tweet, Shiba Inu’s price recorded an increase on September 13.
After a parabolic rise on September 16, Shiba Inu was consolidating between two resistance levels: $0.00000768 and $0.00000835. However, after the recent bloodbath in the crypto market, SHIB has plummeted to $0.000007019.
To continue moving upwards, Shiba Inu has to retest the 62% Fibonacci retracement level at $0.00000963. But like other cryptocurrencies, Evergrande’s potential collapse has given sellers more authority to determine the asset’s price. That means SHIB could slide further and retest the $0.00000654 and $0.00000625 resistance levels in the short term.