Months of long steady growth in the number of Shiba Inu (SHIB) holding addresses seems to have come to a setback as the token entered its 12th day of decline, losing more than 60,000 holders.
Indeed, over the past 12 days, SHIB has gone from having 1,199,453 token holders on March 16 to only 1,135,593 as of March 29, which is a decrease by 63,860 holding addresses, according to the information from CoinMarketCap.
The total number of unique addresses on the network that were holding the dog meme currency had been steadily increasing until March 17, when it suddenly dropped significantly, losing 32,832 holders in a single day.
In early March, Finbold had also uncovered that the amount of on-chain transactions involving SHIB had been in decline for the fourth consecutive month, during which time this figure had decreased by 9.27%.
Why are SHIB holders dropping off?
One of the reasons for the slump in demand could be the cooling in interest for the Shiba Inu coin and a shift to a totally new crypto sensation – ApeCoin (APE), which is adding over 1,700 new holders on average daily.
As a matter of fact, the launch of the cryptocurrency of the popular non-fungible token (NFT) collection called the Bored Ape Yacht Club has coincided with the beginning of the SHIB decline in the number of holders.
Apart from that, the interest in the search term ‘Buy Shiba Inu coin’ has recorded a major decrease as well, dropping from 100 on October 29, 2021, to only about one on March 26, 2022, according to Google Trends data compiled by Finbold.
Shiba Inu price analysis
Currently, Shiba Inu is trading at $0.00002768, down 1.09% in the last 24 hours and up 15.33% over the last week, from $0.000024 it traded seven days ago.
On a year-to-date (YTD) basis, SHIB is still trading in the red.
As things stand, the total market worth of the meme token is $15.37 billion, making SHIB the 15th-largest cryptocurrency by market cap and showing that, despite a drop in holders, investors continue to purchase the SHIB coin.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.