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Cryptocurrencies have taken the world by storm, and with the ever-growing popularity, it becomes essential to analyze their demand and user interest. A study conducted by Cryptobetting.com has shed light on the popularity of various cryptocurrencies in the United States. The study reveals that Shiba Inu (SHIB), the beloved dog-themed crypto, has surprisingly overtaken Ethereum (ETH) and Dogecoin (DOGE) in terms of search volume, securing the second position only after the mighty Bitcoin (BTC). This article explores the study's findings and delves into the factors driving SHIB's popularity and its potential impact on demand.
Also Read: The Silence of Shytoshi Kusama: Concerns Rise Among the SHIB Army
Cryptobetting.com Study Results
The Cryptobetting.com study employed search volume data to compare the top 100 cryptocurrencies by market cap in the United States. The results were intriguing, with Bitcoin emerging as the undisputed leader, boasting a search volume of 1,910,000. Surprisingly, Shiba Inu (SHIB) garnered a search volume of 484,000, securing a comfortable second position. Dogecoin (DOGE) followed closely in third place with 280,000 searches, while Ethereum (ETH) came in fourth with 238,000 searches. Although SHIB's popularity is evident, it is worth noting that BTC's search volume significantly outstrips that of the other cryptocurrencies.
The Global Popularity of Shiba Inu (SHIB)
Shiba Inu's popularity isn't limited to the United States alone; it has achieved global fame. The cryptocurrency community worldwide has embraced SHIB, appreciating its fun and meme-driven nature. While BTC remains the undisputed king of the crypto world, SHIB and DOGE have carved their niche as the most popular "memecoins." These digital assets have gained immense traction among crypto enthusiasts who appreciate their lighthearted and community-driven approach.
Also Read: Burning Up the Crypto World: Shiba Inu Weekly Burn Update with 584 Million SHIB Incinerated!
Factors Affecting SHIB's Demand
Despite its soaring popularity, SHIB has faced challenges in terms of buying demand in 2023. One of the significant factors contributing to this situation is the lack of an exact launch date for Shibarium, the project's upcoming layer-2 network. Investors eagerly await the launch, as it may stimulate demand and influence the asset's price. Unfortunately, the repeated delays in announcing the launch date have affected investor confidence.
Nonetheless, there is a glimmer of hope for those eagerly anticipating Shibarium. According to NOWNodes, a blockchain infrastructure provider, Shibarium is currently undergoing its final tests. While investors eagerly anticipate the network's debut, they also remain cautious due to past disappointments.
Also Read: Shiba Inu: Why the Price Isn't Mooning Yet and What's on the Horizon
Recent Price Movements
After months of struggle, Shiba Inu (SHIB) has finally crossed the $0.000008 level. The cryptocurrency now trades at $0.00000832, showcasing a 6.9% increase over the previous week. However, it is essential to recognize that SHIB's price has experienced a 3.8% decline in the last 24 hours. This price volatility is not uncommon in the crypto world and can be influenced by various factors, including market sentiment and overall market conditions.
The Cryptobetting.com study has highlighted Shiba Inu's (SHIB) remarkable popularity, surpassing Ethereum (ETH) and Dogecoin (DOGE) in search volume in the United States. Despite the popularity, SHIB's demand has faced challenges due to the uncertainties surrounding the launch of Shibarium. Nonetheless, crypto enthusiasts remain hopeful for its successful debut in August. The world of cryptocurrencies is dynamic and ever-changing, and SHIB's journey is undoubtedly one to keep an eye on.
Also Read: Can Owning Just 1,000 SHIB Tokens Make You a Millionaire?
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