Popular Dogecoin rival Shiba inu continuously moving toward the rapid downfall in terms of on-chain activities.
Shiba inu is a popular meme coin, after Dogecoin. This token grabbed huge attention in the industry after the shoutout of Tesla CEO Elon Musk. In mid and last months of 2021, Shiba was at the top of the trend popularity list. In late 2021, Shiba was behaving like a crypto trend, which was needed to remain available at every exchange to get traded among crypto investors.
In the fourth quarter of last year, Shiba token saw its 2,666,943 transactions but in the first quarter of this year this figure plunged by around 67%, which means 870,164 transactions in Q1 2021.
In October 2021, the highest transactions of Shiba inu tokens was 1,389,603, a situation that was more likely that already occurred in April 2021. So basically Shiba inu token was a trend for 2021 not for 2022, as per these statistics.
Interestingly, the Shiba inu token is still standing at fourth rank in terms of highest search frequency in the United States, in which New York, Texas, California, and Nevada are dominant to show interest in this meme coin.
Shiba token not getting better use cases
Current price of Shiba inu token is $0.00002457 and at this piece Shiba token is standing at 15th rank by 24 hours trade volume globally.
In the present time Metaverse project of Shiba inu project team, Shiberse, is in trend but in reality Shiba inu token use case is not getting push with this project idea.
Secondly team is working on a separate blockchain network, Shibarium. At the new blockchain, they will not introduce the Shiba inu token as native token on the blockchain, so in these situations Shiba inu will not get support at that level, where it needed.
Read also: New emails hint SEC ruling was selective for crypto Companies
Shiba transactions plunges by around 70% over Q4 2021
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