Trends in the cryptocurrency industry tend to change rather quickly. People’s attention can go all in a particular asset but could 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 surges to different companies trying to get on board to catch the wave, Shiba Inu’s name was discussed left and right not only on crypto media outlets and Twitter but also on more traditional 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.
Shiba Inu’s Rise to the Top
Despite not being created in 2021 – the year of the meme coins – Shiba Inu’s popularity firstly surged in Q2, when the world’s attention was on Dogecoin and its copycats following countless engagements from 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.
Following a few months of untypical calmness, as the entire market retraced in the summer, Shiba Inu’s name started to pick up popularity in late September again. It was all over the news while the project tried to capitalize on its by launching an NFT collection.
The most discussed part, though, was SHIB’s price. It was simply on a roll painting consecutive records one after the other. 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 rush to see which will list it next. Companies were adding it to their promo 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 beware of the rapidly growing price as it could head south just as quickly once the hype disappears.
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-wise the landscape is identical. SHIB reached its all-time high in late October as well. More precisely, on October 28th at $0.00008616, according to CoinGecko.
As the number of Google queries has dropped, so has SHIB’s value against the dollar. As of writing these lines, the meme coin trades at $0.000038, which means it has plummeted by more than 50% in less than a month.
SHIB/USD. Source: TradingView
Consequently, it seems that the Shiba Inu mania has indeed died out. But, as we mentioned at the start of the article, the tides can change once again and the trend could return just as quickly.