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Tuesday, July 16, 2024

SHIB Break Record Loses Over 4,000 Holders in a Week

SHIB on-chain transactions also dropped by over 40% in January

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Shiba Inu (SHIB), the second most valuable meme cryptocurrency is now losing its holders amid a turbulent period when the coin is undergoing a series of high volatility.

SHIB’s holders were growing consistently with SHIB’s record surge in value, resulting in the coin to rank among the top cryptocurrencies based on market capitalization.

According to CoinMarketCap, between November 16, 2021, and January 27, 2022, SHIB added 192,790 holders, a growth of over 16%, and SHIB lost 4,223 holders from addresses from 1,161,661 to 1,157,438, between January 28 and February 3, 2022 but SHIB holders still stand above the crucial one million mark.


Shiba holders

The SHIB lost more than $20 billion in market cap after reaching all time high, in the last few months, now the investor are selling their holdings to avoid further losses. Selling their SHIB holdings means that traders are lowering their exposure to the token, a riskier asset.

The loss of holders also potentially points to a changing market sentiment where investors are focusing on trending projects like metaverse projects as the hype around meme cryptocurrencies cools down.

The number of SHIB on-chain transactions also dropped by over 40% in January, marking the 4th consecutive monthly decline for the coin. Elsewhere, interest in the keyword ‘Buy Shiba Inu coin’ on Google Search is down by over 90% in the last three months.

Despite the drop in SHIB holders and the transactions, the meme cryptocurrency has had a lively start to the year in the network’s development.

At the time of writing, SHIB is trading at $0.00002189 gained almost 6.23% in the last 24 hours.


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