Meme coins are losing value amidst the bearish trends in cryptocurrency markets. The dog-themed cryptocurrency Shiba Inu (SHIB), which showed a phenomenal performance last year, is also rapidly declining.
Many traders are probably familiar with meme coins, which are cryptocurrency inspired by memes and internet jokes. Although its origins and designs are often ridiculous, its market growth is incredibly phenomenal. Traders who invest in the right meme coin can earn millions overnight, depending on its trend.
According to an earlier article, Shiba Inu showcased a 53,241,775 percent growth last year. This record overshadows Bitcoin, the oldest and largest cryptocurrency based on market cap. Shiba Inu inspired traders to invest for the long run. Unfortunately, the situation turns for the worse.
Shiba Inu Coin: SHIB Value Goes Down
As Cryptopotato noted, Shiba Inu's popularity dwindled amidst current events. Its records in Google Trends showed that the number of "Shiba Inu Coin" and other related keywords have declined sharply in these last couple of months.
Photo evidence of the data showed that "Shiba Inu" interest peaked in October 2021. Note that this is the season where many cryptocurrencies established all-time highs in the market, thanks to fan hype. Unfortunately, instead of sustaining its upward growth, Shiba Inu's popularity dipped after the hype. Months later, the search interest continues to decline.
Read Also: What Is UltraRAM: Have Scientists Created Unlimited Memory Storage for PCs, Gaming Consoles?
A few reasons can be linked to Shiba Inu's problematic status. First is its lack of upgrades or projects, which could have inspired traders to continue investing. Second is its precarious position in the market, sandwiched between Polygon (MATIC) and Binance USD (BUSD). These two are notably strong markets that are expected to flourish later this year.
Shiba Inu officially lost more than 70 percent of its value, dropping from its peak of $0.000088 to a $0.00003 cost.
However, not all hope is lost. Experts from Cryptopotato pointed out that Shiba Inu is still linked to Mexico's largest cryptocurrency exchange, Bitso. Perhaps Bitso could reignite its value with an exciting project for the year. However, its success and Shiba Inu's recovery have yet to be seen.
Shiba Inu Price: Sudden Spike
At the time of writing, Shiba Inu cost $0.000032 with a 15.3 percent growth in the last 24 hours, per CoinDesk. This is a significant spike compared to its value earlier this week at $0.000028. Unfortunately, it is hard to determine what caused the sudden spike in the market or for how long it could sustain its trading gains.
For now, traders in the market are recommended to take advantage of this bullish momentum to sell tokens and gain profits.
Notably, Shiba Inu is still far from recovering its former glory. Unfortunately, it is also hard to predict whether it is capable of reaching new heights. Although Shiba Inu's strength lies in its volatile market surge, traders should be warned that its market trends and profits are highly unpredictable. Traders should only invest in money they can afford to lose in Shiba Inu.
Related Article: Bitcoin 2022 Price Prediction: Slowly Crashing This 2022 Under $40,000; Jack Dorsey Building Own Mining in Block
