Shiba Inu Tops Crypto Market In This Metric

Data shows that Shiba Inu is the number one cryptocurrency in the market based on the growth of its Telegram community.

Shiba Inu Tops The Telegram Community Growth List

As per data from a crypto analytics service on Twitter, SHIB currently has the fastest Telegram community growth in the market. The “community growth” here is measured using the 7-day change in the total number of participants in a social media community of a specific project.

The platforms considered here are Telegram, Twitter, and Discord. Below is a table that shows the top 10 cryptocurrency projects for each of these social media platforms based on their 7-day community growths:

As you can see above, Shiba Inu has managed to top the Telegram 7-day community growth list, as the meme coin has observed 32,455 new users joining its community on the platform during the past week.

In terms of growth on Twitter and Discord, however, the cryptocurrency doesn’t seem to have been able to even break into the top 10, let alone top the list. This would suggest that Telegram is currently by far the number one platform that new SHIB followers are going to.

Shiba Inu Has Declined By 5% During The Past Day

Despite the fact that the meme coin has observed such sharp growth in its Telegram community (showing that interest around the coin is high enough right now to attract a lot of new users), the price has taken a hit during the past couple of days.

At the time of writing, Shiba Inu is trading around $0.00001332, down 5% in the last 24 hours.

From the chart above, it’s apparent that the price of the meme coin has been going downhill since the local top a few days back. However, as SHIB started the past week with some sharp growth, the asset’s holders are still in profits of more than 10% over the last seven days.

In terms of monthly returns as well, Shiba Inu continues to hold some impressive gains of around 53%. SHIB’s 2023 rally has so far been great, but the latest decline may mean that the coin could finally be losing some steam.

One optimistic sign for investors of the meme coin may be that the asset is still the number one token being held by the 500 largest Ethereum whales, as data from the whale tracker service WhaleStats shows:

The top 500 #ETH whales are hodling

$694,064,577 $SHIB$147,351,360 $BEST$111,510,468 $MATIC$101,782,997 $BIT$81,094,040 $LOCUS$68,250,947 $LINK$64,660,016 $UNI$64,510,625 $MANA

Whale leaderboard https://t.co/tgYTpOm5ws pic.twitter.com/x0UDyECFTq

— WhaleStats (tracking crypto whales) (@WhaleStats) February 8, 2023

These whales are holding almost $700 million in Shiba Inu right now, more than four times the amount of the next best on the list. This could suggest that these humongous investors have a relatively strong bullish conviction about the token currently.