Following last month’s listing of Shiba Inu (SHIB) on its platform, Coinbase has now overtaken TikTok to become the number 1 app on Apple’s AppStore. In essence, this makes buying cryptocurrency a more popular activity than using social media… or pretty much anything else in the world.
How it started How it's going pic.twitter.com/7xCGmnHljI
— Fred Ehrsam (@FEhrsam) October 28, 2021
Much of the hype can be attributed to the listing of SHIB, which has seen insane growth of nearly 1000% (10x) in the past month. This is despite a 20% drop after Elon Musk responded negatively to a tweet asking if he owns any SHIB. One unknown wallet that received $8,000 worth of SHIB in April is now worth nearly $5 billion but the owner doesn’t appear to have taken any profit yet.
SHIB’s meteoric growth means it has even overtaken Dogecoin (DOGE), the very coin that inspired its creation in the first place. The two coins now battle for 9th place in the crypto market cap listings. This is not the first time Coinbase has taken the number one spot on the AppStore. A similar occurrence happened during the epic run-up to Bitcoin’s $20,000 high in late December 2017 and again briefly in May this year just before the market experienced a minor crash.
Fellow crypto exchange Crypto.com’s app has also flown up the charts, overtaking both Instagram and Youtube to reach the third position. Facebook, by comparison, has fallen to the eighth position following whistleblower Frances Haugen’s revelation that the social media giant failed to uphold its ethical responsibilities. As a result, the company is now attempting a rebranding.