SHIB Hits 2-Month Low As The Hype Fades Away: Analysis

SHIB hits 2-month low as the hype for the dog-based meme coin seems to be fading away as we can see more today in our altcoin news.

SHIB hits 2-month low after it took the market by storm a few months back and it seemed that everyone talked about it at some point. The cryptocurrency reached an all-time high and hit $0.00008870 which provided the early investors with huge returns but things are not looking so good ever since. At the time of writing, SHIB is trading at $0.00003371 which is the lowest it has been since October 24^th.

The price is down by 60% from its all-time high and it entered a severe downtrend since the peak in late October. The hype is nowhere to be found which is also seen by the data provided by Google Trends for the period. The charts show that Google searches for Shiba Inu over the past 12 months are dying out and indicate that the hype for SHIB is dissolved.

It’s worth noting that the cryptocurrency saw some achievements in the past few weeks and we also saw that SHIB got listed on the Spanish exchange Bit2Me. Before that, Bitstamp also listed the cryptocurrency but previously refused to list DOGE as the main rival of SHIB.

As reported, The Spanish Bit2Me exchange announced its support for Shiba Inu and the company listed the meme coin because of the huge interest from the locals. Shiba Inu saw the light of day a year ago but became popular in 2021 with the meme coin craze that was initiated by Dogecoin and its most prominent supporter Elon Musk. The so-called DOGE-killer became one of the best performers on the market despite the downturn in prices but it still attracts major attention.

Another major digital asset exchange that added support for DOGE and SHIB is the Indian Unocoin as right after the development, the users of the platform we’re able to trade DOGE against the Indian Rupee but to deal with SHIB they had to swap it for Tether first. Despite this confusing environment that has been prolonged in India, Unocoin is not the only exchange that listed Shiba Inu. Last month we saw CoinDCX announcing the addition of the self-proclaimed DOGE killer to its retail app.