Shiba Inu (SHIB) holders steadily grew over the previous three months, but this token meme recently lost around 55,000 holders in just ten days.
Shiba Inu (SHIB) loses almost 55,000 holders in 10 days
In the past ten days, the SHIB has gone from 1,198,789 owners on March 15 to just 1,144,118 on March 25, a decrease of 54,671.
SHIB total addresses are on the decline | Source: CoinMarketCap
The total number of unique addresses on the network holding the meme coin currency had steadily increased until March 17, when it dropped significantly by 32,832 owners in a single day. This past drop marks, the 9th consecutive time holders have declined as interest in the asset appears to be waning.
In early March, the number of on-chain transactions involving the Shiba Inu token fell for the fourth consecutive month. Between January and February 2022, this number dropped from 283,268 to 257,003, 9.27%.
On March 17, Bored Ape Yacht Club, a set of non-fungible tokens (NFT), announced the introduction of its new crypto token, ApeCoin (APE), which has attracted significant interest in the cryptocurrency market.
When APE was first launched, the token’s value skyrocketed to above $40 before plunging precipitously to roughly $8.50 later. However, the token had an immediate comeback, with its value increasing by almost 70% in only 24 hours.
Given the same time frames, it is conceivable that there was a change in the enthusiasm and buzz around the current popular animal-themed cryptocurrency, which may have led to a movement from SHIB to ApeCoin.
As previously mentioned, the number of on-chain transactions for the digital asset has been on the decline.
Additionally, Google data shows that interest in the search for ‘Buy Shiba Inu Coins’ has been steadily declining towards the end. The Google Trends score dropped from 100 on November 30, 2021, to just a mere 100. three on February 28, indicating a drop in interest of a staggering one percent during this period.
Currently, Shiba Inu is trading at $0.00002506, up 2.65% in the past 24 hours and 14.74% in the last week. However, the broader crypto market has also experienced overall growth, regaining a total market capitalization of $2 trillion despite the escalation.
When things stabilized, the total market value of the meme token was $13.7 billion, as, despite the decrease in holders, investors continued to buy Shiba Inu Coin.