Shiba Inu Drops 5% in a Fight Over Which Is Top Dog

As of 2:30 p.m. ET on Friday, popular meme token Shiba Inu (CRYPTO: SHIB) had declined 5% over the past 24 hours to its lowest levels in more than two weeks. This decline came amid two pieces of news today that have investors wondering if this dog-inspired cryptocurrency has lost its touch.

First, a brag tweet from the Twitter account of the crypto BabyDoge (CRYPTO: CCC) pointed out that this upstart meme token has more wallet addresses than Shiba Inu. Shiba Inu has surged to second place in market capitalization among dog-inspired meme tokens on the support of a massive and growing community. The idea that another small token has a larger following might be disturbing to some investors. 

Second, Shiba Inu was not the top choice of retail investors who participated in a high-profile Twitter poll by Chuck Liddell. The former mixed martial arts champion asked his Twitter following to choose from among Shiba Inu, Dogecoin, and Safemoon to determine which had the strongest community. Safemoon took top spot, with 44% of the vote, while Shiba Inu came in second at 31%.

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Source Fool.com