Shiba Inu Interest Plummets when Dogecoin Signals Impressive Comeback

Shiba Inu

Shiba Inu

At the top crypto chart, Dogecoin is residing in the 10th position while Shiba Inu is in the 15th position

The Shiba Inu token (SHIB) is trying to regain its strength after hitting eight-month lows in mid-June amid the wider collapse in cryptocurrency prices. Like all cryptocurrencies, Shiba Inu carries risks. However, considering all the developments in its ecosystem, there is every reason to be excited about SHIB as a top cryptocurrency for the next decade. Meme coins are expected to keep attracting investors as most blue-chip cryptos get out of reach for most investors. Besides, Shiba Inu’s fundamentals have been getting better, especially after the launch of its Metaverse. In essence, Shiba Inu has the potential to grow in popularity going into the future.

There are still some people who follow the Shiba Inu project. But SHIB’s popularity was so high in the latter half of 2021 that those who are currently involved pale in comparison. And there’s data to back it up. Data from Google Trends reveals that the searches for the “Shiba Inu” keyword are down to levels seen before the hype of October and November last year. Google Trends is a common way to gauge retail interest in a certain topic. Of course, it’s also worth noting that the term “Shiba Inu” is used to describe a particular dog breed, after which the cryptocurrency is named. Therefore, the people interested in the coin itself are likely even less.

On the other hand, Dogecoin slightly receded on its chart after displaying bullish momentum. Today most of the market movers were seen in the red. Currently, DOGE has found support near the US$0.06 region, a while back the meme-coin had traded a little above the US$0.07 price mark. The technical analysis of the coin still points toward a chance of the bull reclaiming levels above the US$0.07 mark. Buying strength faded on the chart but buyers still outnumbered sellers in the market at press time. If Dogecoin continues on its present price trajectory then soon buying strength will be replaced by selling strength.

Currently, at the top crypto chart, Dogecoin is residing in the 10th position while Shiba Inu is in the 15th position. The credit for such an upward surge in DOGE price goes to the upcoming release of Dogecoin Core update 1.14.6. The update hopes to include important security updates and changes to network efficiency. Dogecoin also faced buying pressure from whales, ranking among one of the top 10 purchased assets by whales in the last 24 hours, per WhaleStats data.

On the other hand, Shiba Inu’s price anticipates growth in an ever-increasing community. The Shiba Inu holder count continues to grow, presently at 1,209,427, per WhaleStats data. Shiba Inu also ranks as the biggest token holding for the top 100 ETH whales, who now possess US$563,163,878 worth of SHIB. The top 100 Shiba Inu whales have also grown their average SHIB balance by nearly 31%.