Meme coins started to lose their popularity after record-breaking rallies. Shiba Inu (SHIB) is one of these tokens. The meme token, which even managed to eclipse Bitcoin, which was the most viewed cryptocurrency on CoinMarketCap in 2021, has lost its popularity over time.
Shiba Inu Losing Popularity
According to Google Trends data, searches for Shiba Inu have dropped sharply over the past few months. Interest in the keyword peaked in October 2021, when the price of the most recent asset hit an all-time high.
Shiba Inu, which marked 2021 and fell in the last months of the year, was the most viewed cryptocurrency on CoinMarketCap.
The lack of a catalyst to push the Shiba Inu higher, which is between Polygon (MATIC) and Binance USD (BUSD) in terms of market cap, is a major factor causing SHIB’s subsequent declines. Since peaking at $0.000088 in the last week of October, the token has dropped nearly 70% to just below $0.00003.
According to CoinMarketCap data, the Shiba Inu is 6% at the time of writing. It was up 89 percent and was trading at $0.00002856.