Months of steady growth in the number of addresses holding Shiba Inu (SHIB) appears to have started to decline as the token enters its 12th day of decline, losing more than 60,000 holders. Meanwhile, investors are turning to an altcoin that has been popular since its launch. Here are the details…
The number of addresses holding Shiba Inu (SHIB) has decreased
According to the data, in the last 12 days, SHIB had 1,199,453 token holders on March 16, while 1,135 as of March 29. It fell to 593. That is, 63,860 addresses decreased. As we reported on cryptokoin.com, the total number of unique addresses holding the meme coin on the network was growing steadily until March 17, when it suddenly dropped significantly and lost 32,832 owners in a single day. The data revealed that the amount of on-chain transactions involving SHIB has been on the decline for the fourth month in a row, during which time that number has dropped 9.27 percent.
Apart from that, according to compiled Google Trends data, interest in the search term “buy Shiba Inu token” has also dropped sharply, from 100 on 29 October 2021. It dropped to just 1 point in March 2022. So, which way are investors turning?
Are investors switching to ApeCoin?
One of the reasons for the drop in demand could be the cooling of interest in the Shiba Inu coin and the shift to ApeCoin (APE), an entirely new cryptocurrency that adds an average of more than 1,700 new owners daily. The number of wallets owning the new coin has crossed the $40,000 milestone. Notably, the number of owners reached 19,909 on March 17, while the total number of unique addresses holding assets as of March 29 reached 42,981, an increase of over 23,000 since day one.
A week ago, ApeCoin set another record, becoming the most traded cryptocurrency among the top 1,000 Ethereum (ETH) wallets in a 24-hour period. Earlier this month, it was also reported that the Bored Ape Yacht Club NFT collection ranks among the top NFT collections in Google search trends, with an average of 59,000 monthly searches.
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