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Doge rival Shiba facing huge downfall in terms prices & interests

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Doge rival Shiba facing huge downfall in terms prices & interests 6

Shiba Inu (SHIB) has been battling massive price reforms as interests in the token have waned and wealth has plummeted, following a rise in competing for leading meme coin cryptocurrencies since last year.

While as of now the current market, in general, is trading in the red zone, and also the current interest in SHIB is different from 2021 trajectory.

As per the data collected and compiled over the past 12 months, Google search queries ‘Buy SHIB’ recorded an all-time low of 0 in June 2022, which is a 100% decrease from the popular scores of 8 back in 2021.

While the google queries reached the peak of the crypto bull run with a popular score of 100 by the end of October 2021.

Doge rival Shiba facing huge downfall in terms prices & interests 5
SHIB Google search trend. Source: Google Trends

In particular, despite declining global interest, some countries are still interested in the token, with US investors topping the 100 most popular score and Cyprus ranking at 81. Canada, Singapore, and Australia also topped the list with scores of 75, 71, and 64 respectively.

As cryptocurrencies continue to record large sales, the decline in interest in SHIB is consistent with the depreciation of the token value. In particular, SHIB recorded significant gains in 2021 and became one of the best-performing cryptocurrencies during its run.

However, the token has faced a lot of downfall due to the current price movement, which led to some reduction in investor interest in meme coins. Overall, the value of SHIB fell by more than 70% in 2022 and many of those holding the assets are currently at a huge loss.

Various data sources show that 72% of the current SHIB owner base is not making any kind of money from SHIB, which is one of the major factors for people losing interest in the SHIB token.

The scene of hype surrounding Meme Coin going down came out in early June this year when SHIB lost 20,000 customers in just less than a week.

Back in 2021 while during the rise of meme tokens, critics already noted that the future of the SHIB token was short-lived and suggested that the token lacks the utility perspective.

Although as of now developers have moved forward to improve the network with Shibarium blockchain Network and, as a result, have made significant gains in the context of using cryptocurrency as a payment medium alongside getting listed on new exchange platforms.

In the current market scenario, many Americans are ready to offload their holding assets in which SHIB is at the top. In particular, Google Trend data suggests that investors want to sell tokens following the ‘Sell SHIB’ keyword.

Read also: Vasil hard fork testnet proposal submitted by Cardano’ IOHK

Doge rival Shiba facing huge downfall in terms prices & interests

 

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