Shiba Inu (SHIB) holders had been gradually rising over the previous three months, but the meme coin has lost around 55,000 holders in the last ten days alone. For details, you should continue reading Cryptokoin.com.
Shiba Inu holders abandon meme coin
According to CoinMarketCap data, in the last ten days Shiba Inu (SHIB) had 1,198,789 meme token holders as of March 15, As of March 25, it fell 54,671 to 1,144,118.
SHIB total addresses in decline / Source: CoinMarketCap The total number of unique addresses on the network holding SHIB was growing steadily until March 17, when it saw a significant drop of 32,832 people in a single day. Now the latest drop marks the ninth consecutive decline in which the number of holders has decreased as interest in the asset dwindles.
Earlier in March, Cryptokoin.com shared that the amount of on-chain transactions involving the Shiba Inu token has dropped for the fourth month in a row. In the January-February 2022 period, this figure fell 9.27% from 283,268 to 257,003.
Why is SHIB losing holders?
On March 17, the Bored Ape Yacht Club, a collection of Non Fungible Tokens (NFT), announced the launch of its new cryptocurrency token, ApeCoin (APE), and the cryptocurrency has received a lot of attention in the market.
According to experts, a move from SHIB to ApeCoin may have taken place given the same timeframes. As mentioned earlier, the number of on-chain transactions for the digital asset is decreasing. Additionally, Google data shows that interest in the ‘buy Shiba Inu token’ search has dropped at an astonishing rate lately, with the Google Trends score falling from 100 on 30 November 2021 to just 3 on 28 February, which is declining.
Shiba Inu price analysis
At the time of writing, the Shiba Inu was trading at $0.00002404, down 2.41% in the last 24 hours but up 7.90% on a weekly basis. However, despite the climb, the broader crypto market has also experienced overall growth that has rebounded its total market cap of $2 trillion.
SHIB 7-day price chart / Source: CoinMarketCap At present, the meme coin has a total market cap of $13.1 billion. From this point of view, experts state that despite the decline in holders, investors continue to buy SHIB.
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