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.