Shiba Inu (SHIB) Hits 90-Day Low in Popularity: Data

Memecoins have slipped from their record highs. Shiba Inu (sheep) is no exception. The dog-themed coin, which even managed to overtake Bitcoin in 2021 to become the most-watched cryptocurrency on CoinMarketCap, is now experiencing a painful decline as its popularity wanes.

The popularity of the Shiba Inu is a huge success

According to data from Google Trends, the number of searches for Shiba Inu Coin has fallen sharply over the past two months. Interest in the keyword peaked in October 2021, as the asset’s price soared to an all-time high.

Shiba Inu Google in search for 90 days. Source: Google Trends

Google Trends usually show a retailer’s interest in a particular asset. Often a mutation coincides with an important event in terms of its development and vice versa.

Potato encryption It was previously reported that Shiba Inu has overtaken the world’s two largest cryptocurrencies – Bitcoin and Ethereum – to emerge as a digital asset seen in CoinMarketCap’s crypto data pool last year.

Not surprisingly, the current inaction came at a time when SHIB’s price was struggling. It is now sandwiched between Polygon (MATIC) and Binance USD (BUSD) by market capitalization.

The lack of a catalyst to push the memcoin higher is a major factor that led to the subsequent declines for SHIB. The broader market sentiment was not good either. Since peaking at $0.00008 in the last week of October, the coin has lost about 70% to below $0.00003.

Meanwhile, interest in OG – Dogecoin (DOGE), which previously attracted the attention of investors around the world, is also weak.

Will Bitso come to the rescue?

Shiba Inu Coin was recently launched on the largest cryptocurrency exchange in Mexico, Bitso. Earlier, the assets were fetched from a large number of large trading venues such as Binance, Coinbase, Gemini, Bitstamp, etc.

Although the previous developments did not stimulate any noticeable price movement and although exchange listings are usually positive catalysts for cryptocurrencies, it remains to be seen whether the Bitso news will have a positive impact on the trajectory of SHIB.

Besides, Harbor Custom Development, Inc. Listed on Nasdaq, Irada is the latest to announce its support for Shiba Inu Coin as well as other digital assets such as Bitcoin, Ethereum, and Dogecoin. The report stated that the real estate company was looking to accept cryptocurrency as payment for its condominiums and other properties from January 24th.

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