Shiba Inu suddenly jumped nearly 30% last night when search volume fell sharply

While Americans are busy celebrating Thanksgiving, the price of Shiba Inu (SHIB) has skyrocketed nearly 30%, according to CoinMarketCap.

Source: Coinmarketcap

The meme coin is now very close to Avalanche (AVAX), with the capitalization gap between the two narrowing to $ 2 billion.

On the Binance exchange, it rose around 19% in two hours, hitting an intraday high of $ 0.00004792 before slipping to its current price.

Source: Tradingview

After falling more than 60% from its all-time high, some experts quickly dubbed the Shiba Inu a fad.

Earlier this week, market watcher Alex Kruger noted that cryptocurrency has peaked as search interest wanes.

In particular, the hype has really faded. Data from Google Trends shows that global searches for “Shiba Inu” peaked at the end of October and have since declined sharply. “Buy Shiba Inu” also had a similar situation.

Source: Google Trends

The recent slump also coincided with whales sending SHIBs in bulk to centralized exchanges, putting significant selling pressure on the coin-meme.

However, the recent surge shows that the Shiba Inu is still hot, despite the fact that it is no longer discussed.

Additionally, retail interest in SHIB remains strong as the number of unique addresses holding the token has passed the 1 million mark.

Shiba Inu is also still listed and most recently on the Korean stock exchange Korbit.

Shiba Inu is up more than 500% since early October after posting impressive gains earlier this year.

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Annie

According to U.today

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