Shiba Inu tops the cryptocurrency market in this metric

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

Shiba Inu tops Telegram Community Growth List

According to data from a cryptanalysis service on Twitter, SHIB currently has the fastest Telegram community growth in the market. “Community growth” here is measured using the 7-day change in the total number of participants in a social media community for a specific project.

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

Looks like SHIB is at the top of the first list | Source: CryptoDiffer on Twitter

As you can see above, Shiba Inu has managed to top Telegram’s 7-day community growth chart, as the meme coin has seen 32,455 new users join its community on the platform over the past week.

However, in terms of growth on Twitter and Discord, the cryptocurrency doesn’t seem to have been able to break into the top 10, let alone top the list. This suggests that Telegram is currently by far the number one platform for new SHIB followers to go to.

Shiba Inu has decreased by 5% in the last day

Despite the fact that the meme coin has seen such strong growth in the Telegram community (showing that the interest surrounding the coin is high enough right now to attract many new users), the price has taken a hit in the last couple of days .

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

The value of the asset seems to have seen some decline in the last few days | Source: SHIBUSD on TradingView

From the chart above, it is clear that the price of the meme coin has been going down since the local peak a few days back. However, as SHIB started the past week with some strong growth, owners of the asset have continued to post gains of more than 10% over the past 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 been good so far, but the latest decline could mean the coin may finally lose some steam.

An optimistic sign for investors of the meme coin may be that the asset remains the number one token held by the 500 largest Ethereum whales, as data from whale-tracking service WhaleStats shows:

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🐳 Top 500 #ETH whales chop

$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 👇 pic.twitter.com/x0UDyECFTq

— WhaleStats (crypto whale tracking) (@WhaleStats) 8 February 2023

These whales have nearly $700 million in Shiba Inu right now, more than four times as much as the next best on the list. This could indicate that these huge investors have a relatively strong bullish belief about the token at the moment.

Featured image by Leandro De Carvalho from Pixabay.com, chart from TradingView.com