After a phenomenal year, Shiba Inu Coin’s (SHIB) frenzy appears to be fading amidst the ongoing crunch in the crypto market.
Memecoins have retreated from their record-breaking rallies. Shiba Inu (SHIB) is no exception. The dog-themed token, which even managed to overshadow Bitcoin in 2021 to become the most viewed cryptocurrency on CoinMarketCap, is now seeing a painful retreat as its popularity dwindles.
Shiba Inu’s Popularity Takes A Hit
According to data from Google Trends, the number of Shiba Inu Coin searches has declined sharply over the past couple of months. The interest for the keyword peaked in October 2021, during which the asset’s price climbed to an all-time high.
Typically, Google Trend demonstrates the retail interest for a particular asset. A surge often coincides with a significant event in terms of its development and vice-versa.
CryptoPotato earlier reported that Shiba Inu surpassed the world’s two largest cryptocurrencies – Bitcoin and Ethereum – to emerge as the most viewed digital asset on CoinMarketCap’s crypto data aggregator last year.
It’s no surprise that the present inaction comes at a time when SHIB’s price was struggling. It was now sandwiched between Polygon (MATIC) and Binance USD (BUSD) in terms of market cap.
An absence of a catalyst to push the memecoin higher is a major factor that has resulted in SHIB’s subsequent declines. The broader market sentiment has not been kind as well. Since hitting a peak of $0.000088 in the last week of October, the token has lost around 70%to under $0.00003.
Meanwhile, the interest in the OG – Dogecoin (DOGE), which previously captured the attention of investors worldwide, also lays low.
Will Bitso Come To The Rescue?
Shiba Inu Coin recently went live on Mexico’s largest cryptocurrency exchange, Bitso. Earlier, the asset fetched listings from a slew of big trading venues such as Binance, Coinbase, Gemini, Bitstamp, etc.
While the previous developments did not induce any notable price action even though exchange listings typically prove to be positive catalysts for cryptocurrencies, it remains to be seen if Bitso’s news has a positive impact on SHIB’s trajectory.
Besides, Nasdaq-Listed Harbor Custom Development, Inc., became the latest will company to announce support for Shiba Inu Coin in addition to other digital assets such as Bitcoin, Ethereum, Dogecoin. The report stated that the real estate firm was looking to accept cryptocurrencies as payment for its residential homes and other properties as of January 24th.