Sunday, May 26, 2024

Shiba Inu loses over 30,000 holders in one day

A popular meme coin Shiba Inu, which has seen growth in the number of its coin holders, lost more than 30,000 holders in a single day. Data shows that the total number of unique addresses on the network holding Shiba Inu was on a steady rise over the last three months.

But on March 17, it recorded a major dip by 32,832 holders. The number went from 1,199,453 to 1,166,621 between March 16-17. This is a drop of 2.74%. In the last seven days, the price of Shiba Inu as per CoinMarketCap has been down by 0.47%.

Analysts say the drop in the number of holders corresponds with the number of transactions on the network. Earlier this month, there was a noted downward pattern for the fourth consecutive month in the number of on-chain transactions of the Shiba Inu token. The number, between January and February 2022, was down by 9.27%.

Moreover, the analysts also saw a downtrend in the keyword “Buy Shiba Inu coin” on the Google search engine. Google Trends score reduced from 100 on November 3, 2021, to a mere three on February 28. This means that interest dropped by 97%. The first signs of falling interest in Shiba Inu were noted in early February when the meme coin lost more than 4,000 holding addresses over the course of a week.

But Shiba Inu enthusiasts believe it will make a come back soon as the Turkish Minister of Economy has shown interest in the meme coin. He has also discussed its adoption with a SHIB army member and officials from the parliament.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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