Are you aware that Shiba Inu has been steadily gaining traction among cryptocurrency enthusiasts since its initial price increase in 2021? Despite a decline in value over the past year, this meme coin continues to be a preferred choice for investors, even outpacing Cardano and Dogecoin in regions with a substantial presence of crypto investors.
Shiba Inu Outperforms Dogecoin And Cardano In Online Searches
According to Google Trends, the interest in Shiba Inu has exceeded that of Dogecoin in the United States and Canada, as well as Cardano. The data tracking movements over the past year highlight instances when the search for Dogecoin spiked significantly, resulting in a substantial lead over Shiba Inu and Cardano.
However, as the dust settled after these brief periods of intense interest, the trends began to favor Shiba Inu, which continues to hold the attention of investors. Since April 2023, SHIB has been leading Cardano and Dogecoin, with no signs of this trend reversing. The interest in Shiba Inu in September alone was more than double that of Cardano and Dogecoin.
The Rising Popularity of Shiba Inu
Even when the crypto market experienced a downturn at the end of August, Shiba Inu bucked the trend. This increase in interest aligns with the launch of the Shibarium blockchain. This Layer 2 network, built on the Ethereum blockchain, had been in development for a long time. Its launch in August sparked renewed interest in the SHIB token, which now serves as its official governance token.
Shiba Inu’s Profitability Lags Behind Dogecoin
While Shiba Inu leads in terms of interest, this has not translated into profitability for its holders. Only 9% of SHIB holders are currently making a profit, compared to 41% of DOGE holders, as per data from IntoTheBlock. Nonetheless, SHIB is outperforming Cardano, whose holder base is largely incurring losses. Data indicates that only 4% of ADA holders are in profit. Even though SHIB’s numbers are disappointing, the meme coin has twice as many profitable holders as Cardano.
All three coins have demonstrated similar price performance when comparing their current prices to their all-time highs. Data from Messari shows that SHIB is down 91.49% from its ATH, while Dogecoin and Cardano are down 91.59% and 91.89%, respectively.
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