Many market experts have started to believe that the meme coin frenzy might be coming to an end. During the last two months, meme coin variants like Dogecoin and Shiba Inu tokens ruled the market. Based on the massive price appreciation for the Shiba Inu token, many people have dubbed it the top trending coin of the year.
However, meme coins are often subjected to a high level of volatility. Despite maintaining a strong presence in the cryptocurrency market, it seems that SHIB hype is now cooling off. Crypto market intelligence firm, Bloxy has shared a detailed report on the trading volume of the meme coin that suggests that the investor interest has started to dwindle for SHIB.
Data by Bloxy shows that October was the unquestioned top trending season for SHIB when the trading volume for Shiba Inu $1.39 million with an ATH of 1,389,574. However, it plunged down 42% by November, making up for only $$0.8 million worth of transactions.
It is worth noting that between September and November, the transaction volume for Shiba Inu increased by 363% despite the massive drop. According to experts, the popularity of the token was largely affected by the fact that one whale investor moved $2.3 billion worth of Shiba Inu tokens in four instalments that created fear among investors about a sudden sell-off.
The Shiba Inu community has maintained a strong presence on social media platforms. During last month, centralized crypto exchange Kraken finally decided to list the Shiba Inu token. On the other hand, the meme coin project also celebrated reaching one million unique digital addresses milestone in the same month.
Shiba Inu management announced a partnership with a renowned game developer, William David Volk, the former VP of Activision, to work on a new NFT gaming project. The electronics e-commerce giant NewEgg added Shiba Inu to its balance sheet and Okayed SHIB payments. Recently, a Canadian online healthcare provider, ‘Ask the Doctor’, also followed suit and enabled Shiba Inu payments.