After experiencing a dramatic price decline in 2022, the meme coin Shiba Inu (SHIB) is attracting more funds and gaining momentum in cryptocurrency.
According to CoinMarketCap statistics, as of the 15th of August, the decentralised finance (DeFi) dog token was the cryptocurrency with the highest 24-hour volume. Despite the hype surrounding Ethereum (ETH) as it prepares for its Merge upgrade, the digital currency could not surpass SHIB.
Another meme currency that has profited from Shiba Inu’s recent price rise and the name has entered the top three Saudi Shiba Inu rankings.
SHIB is now trading at $0.00001581, up 0.38% on the day and 25.64% in the last week, with a market worth of $8.7 billion.
On August 14, Finbold reported that SHIB’s market capitalization increased by $1.5 billion in 24 hours, from $6.96 billion to $8.49 billion, with a daily high of $9.74 billion.
Intriguingly, after a dismal first half of 2022, SHIB had signs of recovery in July, with gains matching those of the overall market, which has been trading in the green zone in recent weeks, headed by large-cap assets like Bitcoin (BTC) and Ethereum.
Throughout the history of cryptocurrency, it has been usual for altcoins to emulate the behaviour of large-cap assets like Bitcoin.
Are meme coins losing popularity?
During the market downturn, investors seemed to lose interest in meme coins; the absence of compelling use cases was mentioned as a critical factor.
The lack of interest was shown by Google Trends data indicating that worldwide search searches for the term “Shiba Inu” plummeted to their lowest level in over a year during July.
Throughout the history of cryptocurrency, it has been standard practice for altcoins to imitate the behaviour of large-cap assets like Bitcoin.
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