Benzinga - Shiba Inu (CRYPTO: SHIB) is among the meme coins seeing a rising valuation and increased interest, reaching levels not seen since 2021.
What Happened: The digital asset launched as a similarly themed cryptocurrency to Dogecoin (CRYPTO: DOGE) in August 2020. It is currently the 11th largest coin by market capitalization.
Shiba Inu leverages the Ethereum (CRYPTO: ETH) network. It also created a decentralized exchange called ShibaSwap. Three tokens are native to the platform: Shiba Inu, Doge Killer (CRYPTO: LEASH) and Bone ShibaSwap (CRYPTO: BONE).
See Also: Welcome To The ‘Memecoin Supercycle:’ Mad Crypto Money With Ivan
Interest in Shiba Inu has soared in recent months, hitting the highest levels on Google Trends in two years.
10 countries searching for Shiba Inu the most over the last 30 days, per Google Trends:
The top searched questions concerning Shiba Inu over the last 30 days on Google are:
- Why is Shiba Inu going up?
- Why is Shiba Inu going up today?
- Is Shiba Inu going up?
- Why Shiba Inu is going up?
- Shiba Inu all-time high?
Related Link: ‘Don’t Be Afraid’: Top Crypto Analyst Shares His Plan To Buy Dogecoin, Shiba Inu And Other Altcoins For Potential 5X Gains Post Correction
What's Next: Strong Shiba interest underscores how investors are getting more aware of the meme coin.
Millions of SHIB tokens are also being burned to reduce the supply, a move that could help in the valuation of the meme coin.
Shiba Inu hit an all-time high of $0.00008845 in October 2021. The recent search interest is the highest since December 2021 and the period that came with the coin is at all-time highs.
SHIB Price Action: Shiba Inu trades at $0.0000284 at the time of writing, versus a 52-week trading range of $0.000005717 to $0.00004534.
Read Next: Shiba Inu May Have ‘Another 147%’ Upside Coming, Analyst Says As $31B Trading Volumes Overshadow Dogecoin
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