Online search interest in cryptocurrencies, including the popular term “crypto,” has seen a significant decline over the past two months, reaching levels not seen since late 2020, according to data from Google Trends.
The search term “crypto” currently holds a score of 17, a considerable drop from its peak score of 100 in May 2021. Bitcoin (BTC) and Ethereum have experienced a similar downward trajectory.
This decline in search interest has been consistent since May 2022, coinciding with the collapse of much of the Terra Luna ecosystem, and a temporary spike in November when the crypto exchange FTX experienced issues.
The stagnant price of Bitcoin, hovering around $28,000 for the past 10 weeks, has contributed to the lack of enthusiasm in the market.
Coin Bureau Guy, also known as Guy Turner, pointed out on Twitter that lower search interest corresponds to decreasing trading volumes, which reached a 32-month low last month.
“Crypto” search trends are at the lowest point they have been since December 2020.
This also corresponds to exchange volumes which were at 32 month lows this past May.
Apathy? pic.twitter.com/UPOmhNGeDN
— Coin Bureau (@coinbureau) June 4, 2023
Meanwhile, interest in decentralized finance (DeFi) and memecoins has shown resilience, with increased search volumes observed in 2023.
In an analysis of the most searched meme coins in the US, Pepe emerges as the most popular with a search interest of 725, surpassing Dogecoin temporarily. Shiba Inu follows closely behind with a search interest of 254, while Floki Inu and Baby Doge trail with search interests of 26 and 10, respectively.
Notably, Nigeria leads the way in crypto-related searches, while South American countries have displayed the lowest scores.
In contrast, search interest in artificial intelligence (AI) continues to surge, potentially signaling the latest “tech fad” capturing public attention.
