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Holders of Shiba Inu (SHIB) have not had much to cheer about lately. Today, Crypto.com announced that it’s no longer offering staking rewards for SHIB as well as 13 other tokens. Earlier this month, Shiba Inu lost more than 20,000 wallet holders in a single day, but has since somehow managed to attract 14,000 new users. Additionally, a survey report of 36 fintech experts published last month, predicts that SHIB will lose all its value within three years.
Dogpiling on the bad news for Shiba Inu, at press time SHIB was priced at $0.00001010, marking a nearly 8% decline on the day and an 88% price collapse across cryptocurrency exchanges compared to its peak price of $0.00008845, according to CoinMarketCap.
Google search for Shiba Inu has cratered over past eight months
Using the Google Trends app, global lookup for the search term “Shiba Inu” during the past eight months has fallen by 94%. The app shows that for the current week searches for “Shiba Inu” posted a ranking of only six compared to its peak search ranking of 100 for the same week it reached its all-time high price point on Oct. 28, 2021.
This erosion in popularity should be troubling for SHIB holders when you consider that since its launch in August 2020, the Shiba Inu project has seen its strongest series of positive developments within the past few months of 2022. Its most notable milestones have been achieved this year and include the minting of its popular NFT collection, the Shiba Inu metaverse launch and virtual land sale, the recent rollout of its burn portal to reduce supply, its listing on the Robinhood trading app, and pending deployment of its own blockchain.
Yet despite all of those recent accomplishments, SHIB has not demonstrated sustained growth in its user base, utility, price value, or popularity. Those are not good signals for the one-time top dog among meme coins. And as this crypto winter continues, it’s looking more and more likely that SHIB will be left out in the cold during the next crypto bull cycle.
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