Shiba Inu, the meme cryptocurrency that soared to a record high last month, saw the greatest increase in both value and popularity in 2021, a research firm said Monday.
Analysts at BrokerChooser said the Shiba Inu coin had by far the greatest increase when it came to price, despite the fact that the actual price of an individual coin is quite low.
One Shiba Inu coin was worth $0.0000000003 in September 2020 but had increased to $0.0000072 a year later.
"It may seem like that isn’t such a great increase but it actually equates to 2.4 million percent, meaning that if you had invested just $10 in the currency in September 2020 you’d have over $200,000 just 12 months down the line," the company said.
Shiba Inu, which surged to a record high last month, also posted the greatest increase in popularity, with 1.5 million people searching for "Shiba Inu coin" in September, a whopping 2.1 million percent jump.
"However, despite seeing both its popularity and price skyrocket, the value of Shiba Inu has started to decline in recent days," the report said, "sparking fears that an anonymous billionaire could be set to sell trillions of Shiba Inu coins, making it a considerably more risky proposition than it was a couple of weeks ago."
Shiba Inu was down 1.5% to $0.218624 at last check, and most cryptocurrencies were taking a beating on Monday.
Dogecoin reported the second biggest increase in value, with its price climbing about 9,500% in 12 months.
The cryptocurrency, which was conceived as a light-hearted cryptocurrency to poke fun at the emerging world of crypto, took off, particularly after being mentioned frequently by Tesla (TSLA) - Get Tesla Inc Report co-founder and CEO Elon Musk.
Coming in with the third-highest price increase was Terra, which rose from 48 cents to $31.66 between September 2020 and September 2021.
Terra’s price exploded in January when it raised $25 million in a funding round from Galaxy Digital, Coinbase Ventures, Pantera Capital, and others, the report said.