Trends in the cryptocurrency industry tend to change quite quickly. People’s attention can be focused on a particular asset, but it can disappear just as quickly.
This seems to be the case with the hottest digital asset of the past few months – Shiba Inu. It was everywhere. From its mind-boggling price spikes to different companies trying to get on board to catch the wave, Shiba Inu’s name has been discussed left and right not only on crypto media and Twitter, but also on more mainstream media.
Now, though, the situation has changed. SHIB’s price has cooled off, while the demand for the asset just doesn’t seem to be the same.
The ascent of Shiba Inu to the top
Although it wasn’t premiered in 2021 – the year of the coins itself – Shiba Inu’s popularity first increased in the second quarter, when the world’s attention was turned to Dogecoin and its imitators as a result. countless engagements of Elon Musk.
While the CEO of Tesla was only focused on DOGE though, some retail investors started to transition to a few of the alternatives with the promise of quick gains since the original meme coin was now “too expensive” at nearly $1. This led to a new all-time high for Shiba Inu and other self-proclaimed Dogecoin-killers.
After a few months of atypical calm, as the whole market returned in summer, the name Shiba Inu started to gain popularity again at the end of September. It was all over the news while the project tried to capitalize on its by launching an NFT collection.
The most discussed part, however, was the price of SHIB. It was simply on a roller painting consecutive recordings one after another. Somewhat expectedly, it became arguably the most successful investment of the year as its 2021 ROI exceeded 100,000,000% (yes, one hundred million percent) at one point.
Various trading platforms were in a hurry to see who would list her next. Companies added it to their promotional campaigns. Movie theatres outlied plans to enable their clients to pay for services with SHIB. Retail investors were dying to read the next groundbreaking news in relation to the project.
But it seems the tides have changed now.
Is The Hype Over?
While Shiba Inu had taken the main stage in (and out) of the crypto industry, very few signaled an alarm that people should be more cautious. They urged investors to be wary of rapid price growth as they could head south just as quickly once the hype wears off.
And the hype indeed seems to be fading. Google Trends data shows that the worldwide “Shiba Inu” searches peaked in late October and have plummeted since then. The situation with “Buy Shiba Inu” is somewhat similar.
Price side, the landscape is identical. The SHIB also hit its all-time high at the end of October. Specifically, October 28 at $ 0.00008616, according to CoinGecko.
As the number of Google queries has dropped, so has SHIB’s value against the dollar. As of this writing, the same coin is trading at $ 0.000038, which means it has fallen over 50% in less than a month.
Therefore, it seems that the Shiba Inu mania has indeed died down. But, as we mentioned at the beginning of the article, the tides can change again and the trend could return just as quickly.
