Once the darlings of the 2021 crypto boom, Dogecoin (DOGE) and Shiba Inu (SHIB) are now experiencing a dramatic decline in public interest. Recent data from Google Trends reveals these meme coins have reached their lowest search volumes since early 2021, signaling a cooling market sentiment.
The Rise and Fall of Meme Coin Popularity
Dogecoin's Search Interest Plummets
- Peak Popularity: Dogecoin's search interest scored 100 in May 2021 amid endorsements from figures like Elon Musk.
- Current Status: As of now, DOGE scores just 2 points—its lowest since January 2021.
- Price Performance: Down 91% from its all-time high ($0.73), currently trading at **$0.0624** (CoinGecko).
Shiba Inu Follows the Downtrend
- October 2021 Peak: SHIB hit 100 points during the "Doge vs. Shiba" hype.
- Current Interest: Now at 4 points, a 96% drop and the lowest since May 2021.
- Market Data: SHIB’s value has declined 70%+ in 2022, trading at $0.00001, with June transactions hitting a 15-month low (Finbold).
Key Factors Behind the Decline
- Market Cycles: Crypto winter has reduced speculative trading.
- Reduced Celebrity Hype: Fewer high-profile promotions (e.g., Elon Musk’s tweets).
- Investor Shift: Attention moving toward utility-driven cryptocurrencies like Ethereum and layer-2 solutions.
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FAQ: Meme Coins and Market Trends
Q: Will Dogecoin and Shiba Inu recover?
A: While possible, recovery depends on renewed hype, adoption, or broader crypto market rebounds.
Q: Are meme coins a good investment now?
A: Highly speculative. Diversify with established projects like Bitcoin or DeFi tokens.
Q: How does Google Trends reflect crypto interest?
A: Search volume correlates with retail investor attention—a useful sentiment indicator.
Conclusion
The meme coin frenzy has undeniably waned, with Dogecoin and Shiba Inu now struggling to maintain relevance. As the market matures, investors are prioritizing fundamentals over viral trends.