Searches for Shiba Inu declines significantly amidst price drop.
Shiba Inu spikes 17% over past 24 hours.
Analyst predicts bullish momentum for meme coin.
LAGOS (CoinChapter.Com) – After a very successful 2021, the Shiba Inu (SHIB) frenzy appears to be fading in the wake of the current plunge in the crypto market.
According to data from Google Trends, the number of Shiba Inu Coin searches has declined sharply over the past couple of months. The interest for the keyword peaked in October 2021, during which the asset’s price climbed to an all-time high.
Search for Shiba Inu declines amidst price drop. Source: Google Trends
Shiba Inu in 2021 managed to overshadow Bitcoin to become the most viewed cryptocurrency on CoinMarketCap. However, it is now seeing a painful retreat as its popularity dwindles.
However, with Shiba Inu’s price struggling over the week and just finding its feet, it is no surprise that retail investors are losing interest.
Shiba Inu price recovers from downtrend, gains 17% over the past 24 hours
SHIB plunged in the recent altcoin bloodbath and only began its recovery over the past 24 hours. The coin has surged from $0.000027 to $0.000031, which it trades for at press time.
SHIB price action over the past days before it began to rise over the past 24 hours. Source: CoinGecko.Com
However, the coin is still miles away from its all-time high.
The slight recovery has led analysts to predict the start of bullish momentum for the meme coin. SHIB formed the first higher high candle in the last two weeks. According to market data, the recovery was fueled mostly by retail traders rather than whales as the holdings of SHIB on the largest addresses on Ethereum have not increased from $1.4 billion.
Analysts have evaluated the SHIB price trend and believe that the memecoin is in the buy zone. @AltcoinSherpa, a pseudonymous crypto analyst, advised that when Bitcoin recovers, retail investors start accumulating the memecoin.
$SHIB: This is just painful to see…it'll eventually be a good buy but I am more waiting for btc to recover/market to start doing well. Once I start to think more retail is coming in, I'll start to accumulate this one. #SHIBpic.twitter.com/1uyKE8hVHg
The analyst prediction comes as SHIB recovery began after trend indicators like the Relative Strength Index (RSI) reached extreme oversold levels on Ethreum and Bitcoin.
SHIB gains in the past 24 hours have made it topple Polygon to become the 13 largest cryptocurrencies. Its market cap sits at $17,384,964, less than $1 billion above Polygon.
Muhaimin is a writer who enjoys informing and analyzing happenings in the crypto and finance world to people.
He is also a believer in the many prospects of blockchain and crypto technology.
Muhaimin has been active in the crypto space for four years now and still overwhelmed by the continued development and innovation crypto has brought and would bring in future.
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