Shiba Inu (SHIB) has been consistently favored among crypto investors since its first price increase in 2021. Despite last year’s price drop, the meme coin still stands out as an investor favorite, outperforming Cardano and Dogecoin in countries with large crypto investors. Here are the details…
SHIB searches are at their peak
Google Trends showed that interest in Shiba Inu has surpassed Dogecoin as well as Cardano in Canada and the United States. Data showing movements over the last 12 months shows points in time when searches for Dogecoin increased significantly, giving Dogecoin a notable lead over Shiba Inu and Cardano. However, as time has passed and short periods of boom have passed, trends have shown that the Shiba Inu remains one of the three assets attracting investors’ attention. Since April 2023, SHIB has been ahead of Cardano and Dogecoin, and there is no end in sight to this trend.
In September alone, interest in Shiba Inu was more than double that of Cardano and Dogecoin. Even towards the end of August, when the crypto market crashed and interest waned, the Shiba Inu moved in the opposite direction. This increase in interest shown in the chart above coincides with the launch of the Shibarium Blockchain. The layer 2 network built on top of the Ethereum Blockchain has been in operation for a long time, and when it was finally launched in August, it triggered renewed interest in the SHIB token, which now serves as the official governance token.
In terms of profitability, Shiba lags behind
While the Shiba Inu is leading in terms of interest, this has not translated into profitability for meme coin holders. According to data from IntoTheBlock, the rate at which SHIB holders currently make any profit is only 9% compared to 41% for DOGE holders. However, SHIB is still doing well compared to Cardano in this regard, and its holders’ base is almost entirely sunk in losses. Data shows that ADA owners in profit are at a dismal 4%. Contrary to SHIB’s still disappointing numbers, meme coin sees twice as many holders in profit.
In terms of price performance, all three have performed similarly when comparing their current prices to their all-time prices. According to data from Messari, SHIB dropped 91.49% from its ATH, while Dogecoin and Cardano dropped 91.59% and 91.89% respectively.
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