The buzz around DeFi seems to be slowly fading after Google Trends showed that the searches for the word have been going down
Google remains as the biggest search engine today and its data shows a drop in searches for Bitcoin and decentralised finance. Search phrases and terms on Google are assigned numerical values that are used as a metric of popularity. The Google Trends data is then used to depict the areas of interest based on the number and frequency of searches.
When the last Bitcoin halving occurred in May, Bitcoin had a popularity score of 100. Search volume interest generally correlates with price dips in the crypto space. During the first week of September, Bitcoin scored 51/100 in terms of popularity on Google relative to its popularity in the last year. The cryptocurrency posted a popularity score of 41 when Bitcoin prices nosedived early last month.
The level of interest has since remained just around that figure even as the bitcoin price stabilised. Interest in DeFi, on the other hand, heightened as March came to an end. It was around this time when the Bitcoin market had crashed and prices dipped to about $6,000 due to the COVID-19 pandemic.
Interest started declining gradually after this until the beginning of September when it jumped to 99. Starting the second week of September, the buzz around DeFi started falling and is currently at 65/100. The DeFi buzz was at its peak in March as investors rushed to inject funds into the ‘next big thing’ in the blockchain and crypto sector.
Bitcoin is currently trading at $11,376 whereas Ethereum, whose network powers most DeFi projects, is trading at around $373.