Shiba Inu (CRYPTO: SHIB) may not have had a rip-roaring January to show, but the dog-themed currency has remained the favorite among digital currencies.
What Happened: Shiba Inu was the most popular cryptocurrency on crypto price tracking website CoinMarketCap, according to a new report from CrptoDiffer, citing data from crypto market data aggregation & analytics platform Cryptorank.
Bitcoin (CRYPTO: BTC), the apex cryptocurrency, stood second, followed by Ethereum (CRYPTO: ETH), Fantom (CRYPTO: FTM) and Ariva (CRYPTO: ARV).
Incidentally, Dogecoin (CRYPTO: DOGE), despite having the backings of some high-profile personalities such as Tesla, Inc.’s (NASDAQ:TSLA) Elon Musk, is not featured among the top 15 popular coins on CoinMarketCap.
Related Link: Robinhood CEO Explains Why He’s Resisting Calls For Accepting Shiba Inu
Why It’s Important: The fact that Shiba Inu outranked its more illustrious rivals despite having a fraction of their market capitalizations, is a testament to the loyalty of the SHIBA community called the Shiba Army, and the resulting increase in interest.
After a breathtaking rally in 2021 that took the meme crypto to its all-time high of $0.000088 in late October, Shiba Inu pulled back amid the crypto market sell-off seen in late 2021. It came under further selling pressure in 2022 as the crypto sell-off extended into the new year.
The community, however, has stood behind SHIB like a pillar, and is pinning its hopes on a turnaround, which may be hinged on trading app Robinhood Market Holdings, Inc. (NASDAQ:HOOD) adding Shiba Inu to its list of tradable cryptos.
At last check, Shiba Inu was seen down 1.66% at $0.00002275.
Related Link: Bitcoin Stays Above Key Support: What Does The Near-Term Hold For The Apex Crypto?
