Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is back in the spotlight with a surge in search interest and token price. Google Trends data reveals a global increase in searches for “Shiba Inu” and related queries, indicating renewed investor optimism towards the meme coin.
Shiba Inu Surge Sparks Excitement
This increase occurs after a period of silence for memecoin. However, the past month has been simply phenomenal. Search popularity reached a seven-day peak of 100 on March 16, although it has plateaued at a still healthy 48 – significantly higher than January levels. Phrases like “Why are Shiba Inu rising?” and “Shiba Inu All-Time High” also saw a significant increase, reflecting investor curiosity and potential buying interest.
While interest is global, specific regions are leading the charge. Pakistan, the Netherlands, Slovenia, Canada and Nigeria emerged as the top survey creators for SHIB last week. This geographically diverse interest suggests broad appeal for the meme coin.
Source: Google Trends
This renewed interest coincides with a notable recovery in prices. The value of SHIB has soared more than 180% in the past month, reaching a two-year high of $0.000045. This bull run has fueled speculation of a retest of its all-time high above $0.000088. However, since then, the market has witnessed a correction, causing the price of SHIB to fall slightly.
Despite the correction, enthusiasm within the Shiba Inu community remains high. The long-term goal of reaching $0.01 per SHIB token continues to be a hot topic, although analysts warn it could take several years to come to fruition.
Bitcoin is now trading at $66.780. Chart: TradingView
Shibarium and market recovery
To achieve this ambitious goal, developers are focusing on Shibarium, the project’s Layer-2 scaling solution. Shibarium aims to become a thriving hub for smart contracts, potentially attracting more users and increasing demand for SHIB.
Experts believe several factors are contributing to the current Shiba Inu frenzy. The broader cryptocurrency market has shown signs of recovery after a recent drop, potentially boosting investor confidence in meme coins like SHIB.
Additionally, ongoing developments in the Shiba Inu ecosystem, such as Shibarium and burn initiatives to reduce the overall token supply, may be fueling investor optimism.
It remains to be seen whether SHIB will be able to maintain its current momentum and achieve its long-term price objectives. However, the recent surge in search interest and rising prices is a clear indication that the “Dogecoin Killer” is back in the game, trying to capture the hearts (and wallets) of memecoin enthusiasts around the world.
Featured image from Pexels, chart from TradingView
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