The popular meme token Shiba Inu (SHIB) has faced a significant drop in transactions on the network, as well as the number of its investors.
Shiba Inu lost thousands of investors in one day
Shiba Inu is the second largest dog-themed cryptocurrency after Dogecoin. Shiba was initially seen as “dysfunctional” as it didn’t cater to real use cases, but after Tesla CEO Elon Musk’s Twitter posts, Shiba found itself an important place under the leadership of Dogecoin. Currently, the Shiba Inu is the 15th largest cryptocurrency by market cap. It has attracted great interest from investors in the last three months. There has been a slow but significant increase in the number of Shiba Inu, hodl investors, but the situation presented a negative outlook on March 16.
- From March 16-17, Shiba saw a 2.74% drop in the total number of addresses holding SHIB in its wallet. The number of investors decreased from 1,199,453 to 1,166.621.
This decrease in the number of investors is quite similar to the decrease in the number of on-chain transactions. From January to February 2022, the number of transactions on the network decreased from 283,268 to 257,003, which is a 9.27% decrease. On the other hand, the Shiba team continues to shape the future of the network according to new trends with several important ecosystem studies.
Shiba team strives for the future of the network ecosystem
No matter how low in popularity, the team behind Shiba is constantly working on new development to make Shiba more than just a meme coin . Currently, intensive work is being carried out on the Shiba-based metaverse project Shiberse. Originally intended to allow the sale of virtual land, it also works on the Shibarium Blockchain to build better support as a layer two scaling solution and will also reduce the transaction cost of the Shiba token.
In a recent study that we cite as Cryptokoin.com, experts were asked yearly for the price of Shiba Inu. Business 2 Community editor Jimmy Aki shared the levels to expect. According to the estimates, along with the Shibverse and Shibarium developments above, experts think that the price of Shiba will be $ 0.0001 in 2025. You can view the entire report here.
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