SHIB tops the list of tokens Americans want to sell the most, study reveals

Following the crypto market meltdown, most Americans are willing to offload several assets, with meme coin Shiba Inu (SHIB) ranking top of the list. 

The majority of investors from 19 U.S. states are searching for different methods to sell SHIB, including states like Florida, Nevada, New York and Tennessee, according to data shared with Finbold from a Google Trends analysis conducted by Los Muertos.

As Bitcoin struggles to stay above $20,000, the study revealed that investors in 17 states wish to sell the flagship cryptocurrency. Some of the states include Oregon, Kansas, Illinois and Pennsylvania.

The study was based on the measure of Google Trends data, comparing two cryptocurrencies with phrases like ‘Sell Bitcoin’ and ‘Sell Dogecoin’. 

“This study offers incredible insight into where various cryptocurrencies are potentially being sold across America, with Shiba Inu being the most popular to sell on the internet. It will be interesting to see if these findings will be reflected in future prices,” the study said.

Investors seeking to sell DOGE 

Dogecoin, another meme coin, ranks third with holders in eight states, including North Carolina seeking to sell in the dip. Elsewhere, Ethereum and Cardano also emerged top, with investors in four and three states respectively wanting to sell.

The list is dominated by SHIB and DOGE meme cryptocurrency, which rose to popularity over the past year to rank as one of the most sought-after assets. As reported by Finbold, at some point in 2022, Dogecoin (DOGE) was the most-searched-for token in 23 states across the U.S., while Shiba Inu (SHIB) ranked in fourth place. 

Based on the interest in selling the meme coins, it can be argued that the hype around them is cooling down. Critics of the assets have argued that the coins lack utility, although some are receiving use cases in sectors like payment. 

The need to sell different digital assets has potentially been necessitated with the overall collapse in the value of different assets as the market continues to record capital outflow. 

By press time, SHIB was trading at $0.000007, dropping by a whopping 25% in the last seven days. Elsewhere, DOGE was valued at $0.05, dropping over 35%.