InstaForex

November 26, 2021

Is the ‘Hype’ Against Shiba Inu Over?

 As is already well known among market players that trends in the crypto asset industry tend to change rapidly. There are times when they invest all their funds in an asset and at other times they withdraw it.


This is seen to have overtaken Shiba Inu's crypto. As Shiba Inu prices soared amid market excitement, many companies began to participate and the community continued to talk about it in the media.


Although first published last year, Shiba Inu’s popularity began to show a significant increase in the second quarter after attention focused on Dogecoin. The part that is often talked about especially on social media is the price. Based on the data it brings in ROI over thousands of percent. Trading platforms are also racing to list it on their trading platforms.


But lately the situation has begun to change. The price of Shiba Inu has dropped a lot and the demand for it is starting to wane. The question arises is the hype (excitement) against Shiba Inu is over?



Google Trends data shows that worldwide searches for “Shiba Inu” peaking in late October have plummeted ever since. The same goes for the “Buy Shiba Inu” search.




In terms of price, the landscape is the same. SHIB reached an all -time high in late October or more precisely on October 28 at $ 0.00008616, according to CoinGecko. As the number of Google searches has declined, the value of SHIB against the US dollar has also followed suit. At the time of writing the price of Shiba Inu is trading at $ 0.00004019 which has plunged more than 50% in less than a month.


Is the Shiba Inu hype over? The data shows it has come back slowly yet back to the fact that crypto market trends are volatile.