Is Shiba Inu The New Goose Laying Golden Eggs?

Shiba Inu, the meme coin, grew in popularity and value swiftly as a community of investors were pulled in by the coin’s charming attractiveness combined with headlines and tweets from celebrities such as Elon Musk and Vitalik Buterin. The altcoin’s fame spawned a flood of imitators.

Along with witnessing multi-fold excellence in the cryptocurrency sector, the Dogecoin-killer has also been used, quite often, to attract more crypto enthusiasts to boost one’s own business.However, this isn’t a novel concept. CoinJar is only the most recent company to do so. After all, Shiba Inu [SHIB] has been threatening to supplant Dogecoin [DOGE] as the world’s most popular memecoin for the past year or so. SHIB has been used to boost social and trading volumes as an altcoin that prides itself on being community-centric.

CoinJar, one of Australia’s most established cryptocurrency exchanges, has announced the beginning of a Shiba Inu-themed promotional campaign. This will be part of the company’s 9th anniversary celebrations. CoinJar will become the next company to harness and promote its own fame by using the socially popular memecoin.

Let the Shiba Inu promotions begin!

Anyone who trades on the app between May 5 and 8 will have a chance to win up to 99,999,999 SHIB, according to the exchange. While the prize money appeared to be just over $2,000 at the time of publication, the exchange appears to be banking on the cryptocurrency’s social popularity to drive trading on its platform.

It’s worth noting that attempts have been made to help SHIB become a more respectable coin. The network, for example, just completed its SHIB: The Metaverse land sales last week. It all started with the SHIB Burn Portal’s operations. Over 20 billion SHIB have been burned out of circulation in the last week alone.

Despite its social popularity and tendency to win trending wars, SHIB’s price action has been disappointing. In fact, many analysts believe the meme coin has a long way to go before it even approaches $1. These predictions are bolstered by the fact that over 70K SHIB holders have left the market in the last month alone.