Shiba Inu loses popularity as frenzy wears out

Shiba Inu

TL;DR Beakdown

  • Online search for Shiba Inu drops sharply.
  • Search drop owing to memecoin drop in price.
  • Why SHIB may be the next big crypto coin.

Popular memecoin Shiba Inu is currently dealing with hard times as enthusiasm for the coin has cooled among its teeming lovers.

Generally, memecoins have retreated from their record-breaking Shiba Inu (SHIB) inclusive. The dog-themed token, which even managed to overshadow Bitcoin in 2021 to become the most viewed cryptocurrency on CoinMarketCap, is now seeing a painful retreat as its popularity dwindles.

Google Trend data reveals that the number of Shiba Inu Coin searches has declined sharply over the past couple of months. The interest for the keyword peaked in October 2021, during which the asset’s price climbed to an all-time high.

One thing to understand with Google trend is that it tells you retail investors or more people are searching for a particular word than the other. A surge in price often leads to things indicating popularity at that moment.

An absence of a catalyst to push the memecoin higher is a major factor that has resulted in SHIB’s subsequent declines.

Why Shiba Inu may be next big thing in crypto

SHIB remains one of the most attractive crypto investments of 2022. This is one of the coins that can explode any time this year. Several things are happening at Shiba Inu, and one of them is decentralizing the coin further and getting rid of whales’ manipulation.

The Shiba team is launching the much-awaited Doggy DAO, which is giving the community the right to vote on crypto projects and trading pairs. The DAO will also eradicate the influence of the whales on the coin.

The team will also be adding more utilities on the popular ShibaSwap with NFT products such as SHIBOSHIS NFTs expected to make a huge impact in 2022. Many products are coming up in 2022 that might grow Shiba Inu larger.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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