Trends Study Says Dogecoin Is the Most Googled Cryptocurrency in the US

April 5, 2022 Bitcoin.com

Interest in Bitcoin and Ethereum Slides According to Google Trends Data, NFT Queries Skyrocket

January 7, 2022 Bitcoin.com

Global search interest for ‘NFT’ surpasses ‘crypto’ for the first time ever

December 23, 2021 Coin Telegraph

Coin Telegraph

Cointelegraph Research predicts that nonfungible token sales could eclipse $17.7 billion by the end of 2021.

For the week ending on Christmas, global searches for the term "NFT," which refers to nonfungible tokens, have surpassed "crypto," according to Google Trends. The sharp increase in search traffic for NFTs offers a clear indication that digital collectibles have entered mainstream consciousness, with transactions on OpenSea, the most popular decentralized platform for NFT auctions and drops, surpassing $10 billion.

*"NFT" versus "crypto" search trends.* *Source: Google Trends*

The huge increase in the demand for NFTs is evident across nearly all aspects of society. First, consumer brands such as Nike and Adidas are making their own entry into the realm of metaverse NFTs. Then, celebrities such as Snoop Dog, Grimes, Steve Aoki, Mila Kunis and Melania Trump are promoting their own NFT collections to the public. Thirdly, NFT games such as Axie Infinity and Sorare make it possible for players to learn about crypto and NFTs, as well as earn a small amount of money as a side hustle while playing video games.

Moreover, the proceeds from NFT auctions could also go to nonprofits or charities, such as building a school for children in Uganda. Not only can crypto holders obtain fine pieces of art but in the United States, they can also deduct their donations against their ordinary income to save on taxes, resulting in a win-win for all. Lastly, NFTs make it possible for artists worldwide to broadcast their talents without the need for physical exhibits. One such example is Mongol NFT, which brings tales of nomadic horse riders and the history of the steppes to the blockchain.

Shiba Inu gains over 30% in just 2 days as Kraken announces SHIB listing

November 30, 2021 Coin Telegraph

Bitcoin

The upside move in the Shiba Inu instruments also comes in the wake of broader price rebound across leading crypto assets, including Bitcoin.

Shiba Inu (SHIB), a Dogecoin-inspired meme cryptocurrency, has emerged as one of the best performers across traditional and crypto markets entering the new weekly session as its price climbed by over 30% week-to-date.

SHIB’s price reached $0.00005155 Tuesday after bouncing from its technical support near $0.00003560 at the beginning of this week. Its rebound signaled a shift in trend, especially after the last week’s broader market sell-off, induced by concerns related to the new COVID-19 strain, dubbed Omicron.

Bullish catalysts for SHIB’s price

At the core of Shiba Inu’s upside retracement was Kraken, a United States-based cryptocurrency exchange that announced Monday it would effectively enable SHIB trading on its platform from Nov. 30. However, Kraken clarified that it would not offer SHIB futures and margin trading services.

New Listing on Kraken: @Shibtoken $SHIB deposits begin NOW! Trading is live November 30.

➡️ Learn more: https://t.co/yUUKaBXKBq pic.twitter.com/L2IUHugyG0
— Kraken Exchange (@krakenfx) November 29, 2021

Additionally, at the beginning of this week, Shiba Inu received bullish cues from a broader recovery across the top digital assets, including Bitcoin (BTC) and Ether (ETH). Bitcoin rallied by more than $3,000 from its Nov. 26 low near $53,500 — the day the Omicron variant caused turbulence across the traditional and crypto markets.

*Correlation between SHIB/USDT and BTC/USD on a daily price chart. Source: TradingView*

Meanwhile, Ether, which has a higher degree of positive correlation with Bitcoin, surged from nearly $3,900 to around $4,500 in the same period.

The market catalysts helped boost internet searches for the keyword “Shiba Inu,” data on Google Trends showed on a seven-day timeframe. That coincided with a spike in internet queries for the keyword “SHIB,” underscoring a recovering retail interest in the cryptocurrency this week.

*“SHIB” interest searches recover. Source: Google Trends*

SHIB price chart technicals

Shiba Inu’s latest rebound also activated a bull flag pattern that projects its price per token at around $0.00010000.

*SHIB/USDT daily price chart featuring bull flag setup. Source: TradingView*

In detail, SHIB’s price broke above the flag’s upper trendline, accompanied by a rise in intraday trading volumes. That typically prompts traders to shift their profit target to a level that is at length equal to the previous uptrend’s height.

Simultaneously, SHIB also confirmed breaking out of a falling wedge pattern, a bullish reversal indicator, as shown in the chart below.

*SHIB/USDT daily price chart featuring falling wedge pattern. Source: TradingView*

The profit target of the wedge pattern can be found at the length equal to the maximum distance between its upper and lower trendline, about $0.00003053 above the breakout point — i.e., around $0.00007500.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Shiba Inu slump continues: Data shows retail interest waning as SHIB down 60% in 4 weeks

November 24, 2021 Coin Telegraph

Coin Telegraph

Conflicted technical setups emerge in the wake of Shiba Inu’s latest price decline, with price targets sitting as high as $0.0001.

Shiba Inu (SHIB) edged further down on Nov. 24 as its appeal among the army of retail traders, who helped it rally by more than 535% to a record high of $0.00008854 earlier this year, declined.

SHIB’s price dropped by nearly 60% after establishing the said all-time high on Oct. 28, signaling that traders have been actively locking their Shiba Inu profits. That has further resulted in a substantial drop in SHIB’s benchmark instrument of SHIB/USDT volumes on Binance, underscoring a weak retail interest.

In doing so, SHIB’s reported market capitalization slipped to $21.30 billion from around $28.31 billion in just five days beginning on Friday.

*SHIB/USDT daily price chart. Source: TradingView*

Google’s keyword search data also showed a declining interest in the “Shiba Inu” markets, with its score on a 12-month timeframe dropping down from a perfect 100 to 20, much in line with SHIB’s 60% price correction.

Alex Krüger, an independent market analyst, referred to the dropping Google Trends for the keyword “Shiba Inu” as a sign that the token has been topping out — i.e., the beginning of its bear cycle.

*Internet searches for the keyword “Shiba Inu.” Source: Google Trends*

More sell-off ahead?

The latest bout of selling in the SHIB market pushed its prices below a critical upward sloping support (the velvet trendline), triggering its potential to undergo further declines.

For instance, the levels defined within the scope of the Fibonacci retracement graph, drawn from a swing low of $0.00000614 to a swing high of $0.00008933, provided potential entry and exit points as SHIB’s price trended lower, as shown in the chart below.

*SHIB/USDT daily price chart featuring Fibonacci retracement levels. Source: TradingView*

It appears SHIB’s latest price had it test the 0.618 Fib line at $0.00003792 as its interim support level. A rebound off the said price floor raised SHIB’s potential to retest the upward sloping trendline as resistance, which coincides with the 0.5 Fib line at $0.00004773.

Conversely, a move below $0.00003792 may risk sending SHIB’s price to the 0.786 Fib line at $0.00002394. Market analyst IncomeSharks also highlighted the area around $0.00002394 as a potential “buy zone” while referring to a weekly SHIB chart.

$SHIB - Think we see weekly supertrend support eventually touch. This is where I would look to get back in if I was to play this. pic.twitter.com/nBmtfB77n6
— IncomeSharks (@IncomeSharks) November 23, 2021

SHIB price bull flag setup

Offsetting the sell-off fears in the SHIB market is the occurrence of a potential bull flag setup.

In detail, SHIB’s price has been trending lower inside a downward sloping channel since topping out at $0.00008854 on Oct. 28. The channel more or less appears like a bull flag, a bullish continuation indicator that appears as a consolidation phase following a strong move higher, as shown in the chart below.

Typically, traders place their upside target at a length equal to the height of the previous uptrend (called a flagpole), anticipating that the instrument will break above the flag range with higher volumes. As a result, SHIB has the potential to rally by as high as $0.00005100, its flagpole’s height.

That puts the Shiba Inu token en route toward $0.00010000.

Dogecoin, Shiba Inu, Dogelon Mars Lead the Pack of 45 Doge-Like Tokens Capturing Astronomical Gains

October 31, 2021 Bitcoin.com

PayPal logs its largest Bitcoin volume since May BTC price crash

October 22, 2021 Coin Telegraph

Bitcoin

The world's leading payment services provider processed $145.60 million worth of Bitcoin trades on the day BTC rallied to its record high of $67,000.

Bitcoin (BTC) trading volumes on global payment service provider PayPal reached $145.60 million on Oct. 20, just as the benchmark crypto rallied toward its record high near $67,000.

The latest spike in volumes came out to be the highest since the May 19 Bitcoin price crash from around $43,500 to as low as $30,000. On the day, some $304 million worth of BTC changed hands, almost double the volumes logged on Oct. 20.

*Bitcoin PayPal volumes. Source: ByBt.com*

Nonetheless, in both instances, it was unclear if the volumes were due to the increase in purchasing during the Bitcoin price rally or selloffs near the newly-achieved highs. Whatever may be the reason, the PayPal readings reflected a rise in retail activity on Oct. 20, further attested to by a spike in internet queries for the keyword “Bitcoin.”

*Bitcoin interest on internet peaked on Wednesday. Source: Google Trends*

Retail boom?

Notably, PayPal allows users to start investing in Bitcoin by putting as little as $1. As a result, the payment service firm has emerged as a viable platform for retail investors, a move seen by the industry as a cue for wider crypto adoption.

Interestingly, since PayPal's push into the crypto sector, the sum count of unique addresses holding at least $1 worth of BTC has surged from 26.83 million on Nov. 20, 2020, to 33.89 million at press time. Meanwhile, on Oct. 20, the count was 34.12 million, an all-time high.

*BTC addresses with balance greater than $1. Source: CoinMetrics, Messari*

Alexander Vasiliev, co-founder/chief customer officer of crypto payment service Mercuryo, saw PayPal's foray into the crypto industry as a sign of retail boom. He expected Bitcoin to end the fourth and final quarter of 2021 in profits as everyday traders look for safety nets against a persistently rising inflation.

"The increased buying pressure from PayPal users and its corresponding impact on the price of Bitcoin may stir a notable up-shoot this fourth quarter and as the year runs to an end," Vasiliev told Cointelegraph, adding:

"The company has millions of customers and a massive buy-up of BTC can effectively push Bitcoin to new highs [...] With the ATH at $67k, we may see a worse case price hit of $80,000 by year-end and a best-case scenario of $100,000."

PayPal has around 392 million active users worldwide, but its crypto services are available only in the United States and the United Kingdom. Meanwhile, the company is also eyeing an entry into the decentralized finance (DeFi) sector, signaling expansion outside the Bitcoin sector.

Google Trends