Search volume for meme coin Shiba Inu (CRYPTO: SHIB) has declined by 60% on Google since peaking Oct. 24.
What Happened: Sharing a screenshot depicted SHIB’s interest over time, market analyst Alex Kruger hypothesized the waning interest in the coin appeared to signal the coin has passed its peak in terms of price action.
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This does look like a top though. $SHIB top buyers RIP. pic.twitter.com/e6Ndbhpimv
— Alex Krüger (@krugermacro) November 23, 2021
Kruger noted that search interest in Bitcoin (CRYPTO: BTC) is only continuing to increase. The same applied to Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL) and a number of crypto terms such as “metaverse.”
Data from LunarCrush also indicates a declining level of social interest in Shiba Inu, which fell by 29.2% in the last week.
The coin’s social dominance was down 38.6%, in line with its declining market cap, which fell 12% over the last seven days to $21 billion at the time of publication.
Despite SHIB’s declining social volume, data indicates the “spam volume” around the meme coin was up by 29% in the last week.
The number of promoters and bots involved in Shiba Inu spam was an issue highlighted by Dogecoin (CRYPTO: DOGE) co-founder Billy Markus last week. Markus called on Twitter Inc (NYSE:TWTR) CEO Jack Dorsey to “do something” about the numerous Shiba Inu spam comments on each of Markus’s Twitter posts.
SHIB Price Action: SHIB is trading at $0.00003798, down 10.89% over 24 hours.