Since its debut price increase back in 2021, Shiba Inu has consistently gained favor with cryptocurrency investors. The meme coin continues to rank high among investors than coins like Cardano and Dogecoin in nations with a significant population of cryptocurrency investors, despite the price decline over the past year.
Dogecoin And Cardano Are Overtaken by Shiba Inu Search
According to Google Trends, interest in Shiba Inu has increased more than that in Cardano and Dogecoin in both Canada and the United States. The data that depicts the changes over the previous 12 months reveals certain times when interest in Dogecoin peaked dramatically, giving it a notable advantage over Shiba Inu and Cardano.
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Shiba Inu continues to be the asset of the three attracting investors’ attention, according to patterns as time has gone on and periods of transient increases have faded away. Since April 2023, SHIB has consistently outperformed Cardano and Dogecoin, and this trend shows no signs of abating.
Shiba Inu has seen interest more than double that of Cardano and Dogecoin in just the month of September. Even as interest in cryptocurrencies began to fade and the market fell at the end of August, Shiba Inu moved in the opposite direction.
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The debut of the Shibarium blockchain is when interest peaked. Long in development, the Layer 2 network built on top of the Ethereum blockchain saw increased interest in the SHIB token, which is now used as the network’s official governance token, when it finally launched in August.
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SHIB Falls Behind Dogecoin In Profitability
Although Shiba Inu has the highest level of interest, this has not led to financial success for meme coin owners. According to data from IntoTheBlock, only 9% of SHIB holders are now making any form of profit, compared to 41% of DOGE holders.
SHIB is still competitive in comparison to Cardano, whose holding base is nearly entirely drowned in losses. Data indicates that the sad 4% profit margin for ADA holders. The joke coin is seeing twice as many holders in profit compared to SHIB’s figures, which are nonetheless underwhelming.
When comparing their present prices to their all-time prices, all three have seen comparable price performance. According to data from Messari, SHIB is down 91.49% from its all-time high, while Dogecoin and Cardano are down 91.59% and 91.89%, respectively.
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