Shiba Inu Surpasses Dogecoin and Cardano in Search Interest
Shiba Inu, the popular meme coin, has been gaining favor among crypto investors, surpassing the likes of Cardano and Dogecoin in countries with a large crypto investor presence. According to data from Google Trends, interest in Shiba Inu has surged ahead of Dogecoin and Cardano in Canada and the United States.
While there have been instances where Dogecoin had a significant spike in search interest, the overall trends indicate that Shiba Inu remains the preferred asset among the three. Since April 2023, Shiba Inu has consistently garnered more attention from investors compared to Cardano and Dogecoin.
In September, the interest in Shiba Inu was more than double that of Cardano and Dogecoin. Even during the market crash in August, Shiba Inu went against the trend and continued to attract interest.
This spike in interest coincides with the launch of the Shibarium blockchain, a Layer 2 network built on top of the Ethereum blockchain. The launch of Shibarium in August triggered renewed interest in the SHIB token, which serves as its official governance token.
Shiba Inu Falls Behind Dogecoin in Profitability
Although Shiba Inu leads in terms of interest, it has not translated into profitability for its holders. Data from IntoTheBlock shows that only 9% of SHIB holders are currently seeing any kind of profit, compared to 41% of Dogecoin holders.
However, Shiba Inu is still performing better than Cardano in this regard. ADA holders in profit are sitting at a disappointing 4%. Despite the relatively low profitability of SHIB, it still has twice as many holders in profit compared to Cardano.
When comparing their current prices to their all-time highs, all three coins have experienced similar price performance. SHIB is down 91.49% from its ATH, while Dogecoin and Cardano are down 91.59% and 91.89%, respectively, according to data from Messari.
Featured image from Times Tabloid, chart from Tradingview.com
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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