The cryptocurrency markets were taken by storm during the first and second quarters of the current year. One of the most hyped and talked about tokens is none other than Shiba Inu-based meme coin called SHIB. It is worth noting that the meme coin started to gain popularity in the mainstream media during the last two months.
As the popularity and number of digital addresses on the SHIB blockchain kept increasing, many corporations also took note of the token. Crypto exchange platforms like Coinbase and Binance listed the token pretty quickly. However, the investors were unable to get SHIB listed on Robinhood despite trying their best.
At one end, the SHIB investors were planning to get the token listed on all major online investment platforms, and on the other hand, non-crypto currency organizations also started to take an interest in SHIB. Some retail shopping and e-commerce businesses tried to increase their consumer engagement by listing Shiba Inu as a crypto payment option on their website.
On the other hand, Cinema and theater giants shared the plans to accept SHIB payments starting from next year. It is not wrong to say that the SHIB token was mentioned everywhere and on every social media forum. During the boom phase, SHIB gained one hundred million percent price momentum, making it the top meme coin in the crypto market and the best investment option.
Is Hype around Shiba Inu Over?
While the SHIB token was rightly dubbed as the biggest Dogecoin killer by the cryptocurrency community, it seems that the hype around the satirical coin is now over. Recent data from Google Trends reveal that number of search results related to SHIB token has reached a monthly low on a global scale.
Furthermore, the SHIB token has been overtaken by AVAX as the 11th top blockchain project on the cryptocurrency leaderboard. Another indicator for the SHIB token recession is that it was currently trading 50% lower in comparison to its ATH last month. However, whales have continued to bet their stakes in the meme coin and hope that it might inflate sometime in the future.