Shiba Inu Defeats Bitcoin, Ether to Rank as Most Popular Crypto of 2021 on CoinMarketCap Index

CoinMarketCap index represents a summary of the most viewed cryptocurrencies on the platform

By Radhika Parashar | Updated: 27 December 2021 13:23 IST

Shiba Inu Defeats Bitcoin, Ether to Rank as Most Popular Crypto of 2021 on CoinMarketCap Index

Photo Credit: Pexels/ Rodanne Productions

Shiba Inu was created in August 2020 as a rival to Dogecoin

Highlights

Bitcoin ranked second on the popularity index
Dogecoin and Ethereum also made it to the list
2021 turned out to be a milestone year for SHIB

Meme-based dog coin Shiba Inu was named the most popular cryptocurrency on international market tracker CoinMarketCap, surpassing Bitcoin, Ether, and Dogecoin, to become the most viewed coin on the plaform in 2021. With a market capitalisation of over $20 billion (roughly Rs. 1,50,120 crore), Shiba Inu is the thirteenth largest cryptocurrency in terms of valuation. In October this year, the SHIB token spiked by more than 216 percent within a week, attaining a new all-time high of $0.000088 (roughly Rs. 0.0066). Presently, each SHIB token is trading for $0.00003823 (roughly Rs. 0.0029).

In a “2021 Wrap Up” post, CoinMarketCap tweeted that Bitcoin, Dogecoin, Cardano, and Ethereum followed Shiba Inu on the popularity index at the second, third, fourth, and fifth positions respectively.

Regardless of ranking, here's what #CoinMarketCap users ended up viewing the most this year! :top: :fire: #CoinMarketCapUnwrapped pic.twitter.com/CDP1ZXv5jI
— CoinMarketCap (@CoinMarketCap) December 24, 2021

The meme coin, which was originally created as a joke to rival Dogecoin, emerged as the 11th-biggest cryptocurrency coin by market value on October 25, WatcherGuru reported.

In recent times, SHIB adoption has also witnessed a momentum.

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On December 3, Canadian online medical service provider Ask The Doctor announced that it had added $1.5 million (roughly Rs. 11.26 crore) worth of Shiba Inu tokens to its balance sheet, preparing to start accepting it as a payment option from its partners.

US-based movie theatre chain AMC is also considering the acceptance of Shiba Inu tokens as a payment option.

In fact, earlier this year, the SHIB token had also emerged as the most-popular cryptocurrency on Twitter, research firm ICO Analytics claimed in a recent report.

Earlier this month, Kraken and Bitpay are other international exchanges to have listed the Shiba Inu coin on their platforms.

As per CoinMarketCap, Shiba Inu is held by 1,090,840 wallet addresses, 14,645 are active addresses. The coin is listed on 447 exchanges around the world.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Further reading: Shiba Inu, Bitcoin, Ether, Dogecoin, Ethereum, Cryptocurrency, CoinMarketCap, Most Popular Cryptocurrency 2021

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More