Shiba Inu Reached 90-Day Low In Popularity: Analysis

Shiba Inu reached 90-day low in popularity after having a phenomenal year in 2021, the frenzy seems to be coming to an end so let’s read more today in our latest altcoin news today.

Memecoins retreated from their record-breaking rallies and SHIB was no exception. The dog-themed token whcih managed to overshadow BTC in 2021 to become the most seen crypto on Coinmarketcap is now seeing a slow retreat as its popularity dies down. According to the data from Google Trends, the number of Shiba Inu Coin Searches dropped dramatically over the past few months. The interest for the keyword peaked in October 2021 in which time the asset’s price climbed to an all-time high.

Google Trends shows the retail interest for an asset and a surge often coincides with a significant event in terms of development. The reports show that Shiba Inu reached 90-day low in popularity while Bitcoin and Ethereum emerged as the most seen digital assets on CoinMarketCap’s crypto data aggregator. It doesn’t come as a surprise that the present charts come at a time when SHIB’s price was struggling. It is now stuck between MATIC and binance USD in terms of market cap.

Having no catalyst to push the meme coin higher is a major factor that resulted in SHIB’s drops. The broader market sentiment hasn’t been kind as well after hitting a peak of $0.000088 in the past and the token losing 70% of the value under $0.00003. in the meantime, the interest in the OG meme coin DOGE is also low. Shiba Inu went live on Mexico’s biggest crypto exchange Bitso and the asset gathered a listing from a few tradign venues such as Coinbase, Gemini, Bitstamp, Binance, and more.

While the previous developments didn’t induce price actions that were notable enough, the exchange listings prove to be positive for crypto but it remains to be seen if Bitso’s news had a positive impact on the SHIB trajectory. Nasdaq-Listed Harbor Custom Development became the latest company that announced support for SHIB in addition to coins such as Ethereum, Bitcoin, and DOGE. The report stated that the real estate company was looking to accept crypto as payment for residential homes and other properties.

Source: https://www.dcforecasts.com/altcoin-news/shiba-inu-reached-90-day-low-in-popularity-analysis/