Shiba Inu (SHIB) is the second-largest cryptocurrency inspired by memes. It reached its all-time high of 0.00008616 USD on October 28, 2021, and was all the rage at that time. With a market value of over 16.9 billion USD, it quickly became the fourteenth largest cryptocurrency globally. However, in just 9 months, the momentum shifted, and the current market value of SHIB is only 6.4 billion USD, with a maximum price drop of 90%, resulting in a loss of 10.5 billion USD in market value.摘要：ShibaInu(SHIB)是受meme啟發的第二大加密貨幣。社會關注度： 從IntoTheBlock提供的一組對ShibaInu社交洞察數據顯示。根據加密專家的說法，ShibaInu幾乎與Luna屬于同一類別。...
The decline:
While SHIB may seem undervalued compared to other cryptocurrencies, its value grew exponentially within less than a year, creating a global phenomenon where everyone wished to jump on the wealth train. However, after the token's price drop, the FOMO (fear of missing out) sentiment almost disappeared. Even though there are still some loyal holders paying attention to SHIB, the number of participants is minimal compared to the peak period of the second half of 2021.
Google Trends:
According to data from Google Trends, the search volume for the keyword "Shiba Inu" has dropped to levels before the massive publicity in October and November of the previous year. Google Trends is a common way to measure the market's interest in a particular topic. Its noteworthy that the term "Shiba Inu" is used to describe a specific breed of dog, and the people interested in the coin itself might be less represented in this data.
Social Attention:
Insights from IntoTheBlock show a significant decrease in people's interest in cryptocurrency, as indicated by various social indicators. For example, Twitter sentiment has been trending downward for quite some time. This sentiment index helps measure the mood of market participants and can sometimes serve as a leading indicator, often turning negative when prices decline.
Reasons for the Decline in Interest in SHIB:
Currently, the main issues with SHIB include a decrease in trading frequency, a decline in account balances for holders, and a drop in token prices. Despite the bearish market this year, SHIBs biggest weakness is its lack of utility. Digitalx Asset Management's fund manager, Matthew Harry, has projected the disappearance of all meme coins, including SHIB, as the cryptocurrency market matures. According to crypto experts, Shiba Inu and Luna belong to the same category—projects built without a reliable product and lacking a genuine use case.
Shiba Inu began as a meme coin, establishing a huge market value based on hype rather than a real product. This speculative growth is unsustainable. During its most fervent period, other meme coins inspired by SHIB, like Floki Inu, even advertised in physical locations such as London Underground stations and some public transport buses. This unsustainable growth, combined with the fading enthusiasm, quickly cooled down SHIB.
IntoTheBlock data shows that about 72% of SHIB holders are at a loss, which was expected given the 90% drop from its all-time high. However, it also indicates that many jumped in as the price surged thousands of times and are now dealing with losses. Moreover, around 65% of SHIB is held by 10 accounts, exposing retail investors to market manipulation risks when a few individuals hold the majority of the currency.
Experts warn that Shiba Inu may be the next Terra Luna, especially if whales continue to sell off, as the lack of utility will be one of the main reasons for SHIB's continued decline over the past 9 months. Typically, only those with unwavering faith will retain interest in a token at its low point, and the participants in SHIB clearly lack this interest, or any interest at all.