The cryptocurrency market continues to struggle with negativity. The popular meme-coin Shiba Inu (SHIB) is also among the beneficiaries. On the other hand, despite its poor price performance, Shiba Inu managed to add more than 35,000 holders in the last 3 months.
Shiba Inu has increased its holder count by more than 35,000 in the last three months
As you follow on Kriptokoin.com, the ongoing crypto market volatility has had a significant impact on meme coins like Shiba Inu (SHIB), which recorded unprecedented growth in 2021. Despite depressed markets, some SHIB traders ignore current market conditions. In this environment, investors are accumulating more and more cryptocurrencies. Hence, he is betting on the asset for a potential rally.
Specifically, as of September 23, SHIB had 1,226,030 holder addresses. However, it added about 35,834 new holders in three months. The added holders represent approximately 3% growth from 1,190,196 recorded on June 27, according to CoinMarketCap data.
SHIB quarterly holder chart / Source: CoinMarketCapAccording to the data, the number of SHIB holders had been increasing steadily from late June before experiencing a decline in early August.
High volatility in SHIB price
Meanwhile, SHIB’s price trajectory continues to struggle in parallel with the broader crypto market. Notably, the asset is seeking to regain 2021 highs as both its value and popularity increase.
For three months, SHIB’s value has experienced ups and downs. However, the price has come under great pressure. During the period, SHIB peaked on August 15 and traded at $0.000017. At press time, SHIB was trading at $0.00001161, gaining about 5% in the last 24 hours.
SHIB quarterly price chart / Source: CoinMarketCapInterestingly, about 30% of SHIB investors have held the asset for more than a year, according to IntoTheBlock data. Overall, investors avoided potentially selling despite the decline. Such holders are trying to save SHIB as an asset for quick profits. This is fueling a bullish sentiment among investors.
Composition of SHIB holders by time held / Source: IntheBlockNew SHIB holders are potentially betting on crypto for the rally. Besides that, investors are likely to be interested in the asset’s increased utility. It is worth noting that interest in the meme-coin has curtailed its potential due to criticism of its lack of utility.
Increased benefit of SHIB
Increasingly, however, SHIB is increasing use cases in industries such as payments. It also enters the growing Non Fungible Token (NFT) space. Indeed, the Shiba Inu ecosystem is advancing the SHIBOSHIS project, a Shiba Inu NFT collection that will enable its holders to actively engage in NFT printing and trading, digital land acquisition and VR gaming.
At the same time, SHIB is working to launch the gaming ecosystem where NFT holders participate in metaverse games. Similarly, SHIB’s momentum is largely based on the token’s burning. For example, on September 21, about 132 million Shiba Inu tokens were destroyed in 24 hours. Notably, 410.38 trillion tokens were burned as the community resorted to reducing the supply of SHIB.
Amid the increase in the number of Holders and Shiba Inu network activity, interest in the token appears to be dwindling. Data from Google Trends shows that global searches for the keyword ‘Shiba Inu’ over the past year fell to their lowest point in more than a year in July this year. This means that the token is making less progress in popularity.
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