Interest in Shiba Inu falls for fourth month in a row

Interest in Shiba Inu (SHIB) has been marked by a decline for the fourth straight month, following its price decline, which has already fallen 72% from its all-time high in October when, boosted by Bitcoin’s rally, it became one of the top 10. market cryptocurrencies.

In addition to this milestone, Shiba Inu (SHIB) has also surpassed the oldest and largest meme coin, Dogecoin (DOGE), in terms of market cap to date. However, today DOGE, also in sharp decline, picked up its post again.

The low interest in Shiba can be seen in various metrics such as the volume and number of transactions, as well as the Google searches, both in Brazil and worldwide.

The fall of a meme (or several)

With Bitcoin in the red for three months and the situation reversing in February, alternative cryptocurrencies have suffered the most. In addition to the price drop, other statistics indicate that interest in altcoins, which have no meaning to exist, is disappearing, especially due to Shiba Inu.

Despite still having a market cap of $13 billion and ranking 15th in the cryptocurrency market, the Shiba Inu looks like a stray dog ​​after he ceases to be a puppy.

Data from Bloxy indicates that Shiba Inu (SHIB) has fallen dramatically in both volume and number of trades over the past four months.

Declining SHIB transactions and volume. Source: Bloxy.info

The meme coin that exploded in 2021 even surpassed Bitcoin in global Google searches, when the price was at the top, it is now no longer attracting public attention. This fact can be seen in the graph below.

Google searches for Shiba and Bitcoin. Source: Google Trends.

Due to the decline in demand – for a useless cryptocurrency – the price reflected this drop. Right now, the price of Shiba Inu is 72% below its all-time high, correlated with a spike in searches for the coin.

As a result, not even trying to capitalize on the metaverse hype has resulted in major price changes. After a short rise, the price fell again.

In the end, many lost money while few won. Also, meme coins that have tried to live up to their legacy aren’t doing too well either. For example, the biggest loser today is the Spook Inu (SINU), characterized by a 100% price drop (a total devaluation).

Shiba Inu’s sister memecoin is the biggest loser of the day. Source: CoinMarketCap

Source: Live Coins

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