After going through a severe price correction in 2022, interest in the meme coin Shiba Inu (SHIB) is registering increasing capital inflow and picking up steam among the cryptocurrency community.
As of August 15, the decentralized finance (DeFi) dog token appeared as the most-trending crypto leading the 24-hour chart, according to CoinMarketCap data. Despite the attention around Ethereum (ETH) as it prepares for its Merge upgrade, the digital asset could only register second place to SHIB.
Another meme currency that has benefited from Shiba Inu’s recent price increase and namesake has made it into the top three Saudi Shiba Inu (SAUDISHIB).
SHIB’s the most trending crypto. Source: CoinMarketCap
SHIB price analysis
Currently, SHIB is trading at $0.00001581, up 0.38% on the day and a further 25.64%, in the last week, with a total market cap of $8.7 billion.
SHIB 7-day price chart. Source: CoinMarketCap
On August 14, Finbold reported that $1.5 billion entered SHIB’s market cap in 24 hours, gaining by $1.53 billion from $6.96 billion to $8.49 billion; at its peak, the token hit $9.74 billion in the day.
Interestingly, after a lackluster first half of 2022, SHIB exhibited indications of a recovery in July, with the gains corresponding with those of the entire market, which has been trading in the green zone in recent weeks, led by large-cap assets like Bitcoin (BTC) and Ethereum.
Throughout cryptocurrency’s history, it has been common practice for altcoins to mimic the behavior of trends shown by large-cap assets such as Bitcoin. During the early trading hours of August 14, Bitcoin crossed the threshold of $25,000 for the first time since the middle of June, which influenced the market.
Are meme coins losing their appeal?
Meme coins, in general, seemed to lose their attraction among investors during the market slump; the absence of strong use cases was cited as a major reason for this.
The lack of interest was brought to light by data from Google Trends that showed that over the past year, global search queries for the keyword “Shiba Inu” dropped to the lowest point in over a year during July.
Throughout the course of cryptocurrency’s history, it has been common practice for altcoins to mimic the behavior of trends shown by large-cap assets such as Bitcoin. During the early trading hours of August 14, Bitcoin crossed the threshold of $25,000 for the first time since the middle of June, which influenced the market.
It is important to note that the expansion of the SHIB network has set the currency up for gains, even though SHIB profits depend in part on the broader market. The token has made an effort to return to the highs it reached in 2021 by increasing its network activity, which is said to make the asset more appealing.
Rolling out further token burns to increase its popularity has been the primary emphasis of the development community. In addition, the launch of ShibaSwap in 2021 was anticipated to be a significant factor in determining the value of SHIB in the months ahead.
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