Data from Google Trends shows that the number of Shiba Inu searches has fallen to a monthly low. Also, the price of the SHIB token is 50% lower than its All Time High. Is the hype over?
The Shiba Inu token was incredibly popular a few weeks ago. SHIB was everywhere and the number of searches on Google skyrocketed. The price also skyrocketed and everyone tried to get their share. But that seems to have changed now. The SHIB price has cooled and the demand for the token is not what it used to be.
Shiba Inu’s way up
The popularity of the Shiba Inu token first really started to rise in the second quarter of this year. This was because there was a lot of attention on Dogecoin, partly because of the tweets from Elon Musk.
Even though Tesla’s CEO was only focused on DOGE, some retail investors have started to switch to a few of the alternatives as the original meme coin has become “too expensive.” This set a new record for Shiba Inu and other self-proclaimed Dogecoin killers.
After a few months of calm as the whole market retreated into the summer, the name of Shiba Inu started to regain popularity in late September. It was all over the news as the project tried to capitalize on it by launching an NFT collection.
However, the most discussed item was SHIB’s price. The price continued to rise and broke record after record. The currency made a profit of 100 million percent in one year. Suddenly, big companies started accepting SHIB tokens and investors were queuing up to buy more SHIB. However, it now appears that the tide has turned.
Is the SHIB hype over?
However, the Shiba hype now seems to be fading. Data from Google Trends shows that the number of searches for Shiba Inu has fallen significantly.
On the price chart, we actually see exactly the same thing happening. In October, SHIB hit its all-time high of $0.00008616. However, since then, the price has fallen, making 1 token worth around $0.00004161 at the time of writing. That means the price has fallen by more than 50% in less than a month.
