One of the biggest gainers in the cryptocurrency space in 2021 has been Shiba Inu (CRYPTO: SHIB). The coin is gaining interest on social media and Google, which could be a positive event along with increased availability of the cryptocurrency.
What Happened: Shiba Inu was added to Coinbase Global Inc (NASDAQ:COIN) on Sept. 16, which made the coin more accessible for millions of cryptocurrency traders.
Prior to being on Coinbase, users had to trade the coin using Uniswap or a similar platform, which is more complicated for newer cryptocurrency traders.
Interest in Shiba Inu is rising across Google Trends with the top search “will SHIB reach 1 cent” seeing a 600% increase in searches over the last 24 hours.
On Twitter Inc (NYSE:TWTR), the hashtag #SHIB has been trending several times in the top 10 over the last 24 hours.
The increased searches are leading to a rise in the coin price. Volume in the coin is up by triple digits, standing at around $2.8 billion over the last 24 hours.
Related Link: How To Buy Shiba Inu
Why It’s Important: Dogecoin (CRYPTO: DOGE) saw a surge in its value in 2021, going from under 1 cent at the start of the year to over 70 cents per coin. The coin surged in value thanks to several factors, including increased retail trader interest, strong celebrity adoption and being readily accessible.
Robinhood Markets Inc (NASDAQ:HOOD) has offered Dogecoin to its customers since 2018. Other popular crypto platforms that added access to Dogecoin include Coinbase, Webull and eToro. The coin was added to the platforms due to increased retail demand.
A similar situation could play out with Shiba Inu as the coin trends and gains interest from retail crypto traders. Shiba Inu is offered on eToro, Webull and Coinbase.
It’s rumored that Robinhood will include Shiba Inu when it rolls out its official cryptocurrency wallets.
Many times, the addition of a coin on a major trading platform acts as a catalyst.
Combine a surge in search interest, trends on social media and the addition of Shiba Inu on Robinhood, and the coin could continue to surge.
Can SHIB Reach 1 Cent?: SHIB is trading up 29% to $0.00001037 at the time of writing. One of the common searches and questions is if SHIB can reach 1 cent.
The coin reached a high of $0.00003018 back in April. The coin is still quite a ways from 1 cent, but a recent initiative could help the coin get closer.
There are over 394 trillion SHIB coins in circulation. There is an auto burn function in place on the coin to burn the token and take away from the circulating supply.
The auto burn was confirmed by Shytoshi Kusama, a SHIB developer, on Discord.
“We don’t need more listings; we need usefulness and, according to many, a significant burn,” Kusama said while confirming the company is burning coins.
An auto burn function could lower the supply of SHIB and help boost the value of each coin left.
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