In an unfortunate turn of events, Shiba Inu, the popular meme coin that took the crypto world by storm, seems to be going through a rough patch as enthusiasm for it begins to curb.
Generally speaking, meme coins have withdrawn from their record-breaking Shiba Inu inclusive. The token, which drew inspiration from the popular Japanese dog breed, somehow surpassed Bitcoin back in 2021. At the time, the meme token became the most viewed crypto asset on CoinMarketCap. However, it seems to be retreating now with its tail between its legs as its popularity appears to dwindle.
According to data from Google Trend, searches for or regarding the Shiba Inu coin have declined significantly in only a couple of months. The keyword peaked in October 2021, which was around the same time the digital asset skyrocketed to an all-time high.
One thing you need to note about Google trends is that it helps retail investors know and understand what people are searching for or if people are interested in one thing more than another. In other words, a crypto asset surging in price during a specific time indicates that it’s quite popular at that time.
Now, Shiba Inu needs a catalyst to help push it higher, but the absence of one has caused it to decline noticeably.
Shiba Inu May Still Be the Next Big Thing
Despite its lowered popularity levels, SHIB is still one of the most attractive crypto investments of 2022. As such, Shiba Inu could potentially be one of the coins to explode to great heights this year. A couple of interesting things are taking place at Shiba Inu, as the team is currently working on decentralizing the coin even more. Not only that, they’re working on preventing or lowering whale manipulation.
Among other things, SHIB is also working on launching the much-awaited Doggy DAO. This gives the Shiba Inu community the privilege to cast votes on various crypto projects and trading pairs. It will also supposedly eliminate the whales’ influence on the coin.