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Demand for SHIB on Google declines by over 90% in the last 3 months

Demand for SHIB on Google declines by over 90% in the last 3 months
Jordan
Major
5 months ago
3 mins read

Shiba Inu meme coin (SHIB) not only outperformed all other cryptos in terms of social media growth in 2021 (with social media discussions about SHIB increasing by 16,000%), but it was also the most-viewed cryptocurrency on CoinMarketCap in the same year.

Data compiled by Finbold reveals that after a meteoric rise in 2021, interest in the keyword ‘Buy Shiba Inu coin‘ on Google Search has declined dramatically in the last 90 days. Since reaching a peak of 100 on October 29, 2021, interest in the keyword has slumped by 92% to a Google Trends score of 8 as of January 29, 2022.

Interestingly, the data shows that among the top 10 countries most interested in the ‘Buy Shiba Inu coin‘ keyword, Nigeria tops the number of searches with a points score of 100, followed by Qatar in second place with 70, and North Macedonia ranked third with 67. 

Google Trend score shows online search interest compared to the chart’s peak for the specified location and time. The maximum search interest for the time and place specified is 100 points, while 0 indicates no interest.

SHIB interest on the wane

The current bearish sentiment in both the cryptocurrency and stock market looks to have had a knock-on effect on many altcoins, with the great majority of them trading far below their all-time highs, making it impossible to state conclusively whether or not interest in SHIB is fading at the moment.

Recently we reported Shiba Inu’s market cap shrunk by $3.5 billion in just a week between January 1 and January 8, 2022, but as mentioned previously, the token appears to be a casualty of the general market crash.

At the same time, SHIB continues to gain exposure to more users with exchange listings as Uphold cryptocurrency trading platform recently listed the token on the platform following the recent surge in SHIB’s popularity that resulted in the coin’s spike in value. 

Elsewhere, four of the top ten trending cryptocurrencies on January 27 used the term ‘SHIB’ in their ticker, implying that other meme tokens are stealing part of SHIB’s thunder as investors seek a comparable asset that will surge in value.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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