Shiba Inu Adds Nearly 36,000 Holders Since June Despite Crypto Market Turmoil

The Shiba Inu price trend is following the rest of the cryptocurrency market and has remained negative. In particular, SHIB is still looking to recapture the high points it reached last year, with the value and popularity of the meme coin rising.

As of this writing, SHIB is trading at $0.00001145, down 4.5% over the past seven days, according to data from Coingecko, show Sunday.

Despite the slow state of the crypto market, a portion of dog-themed coin investors are increasing their coin purchases, hoping that the asset will recover and ignoring the market’s weakness.

According to data from CoinMarketCap, as of September 24, SHIB has 1,226,031 addresses, which represents an increase of 35,835 new holdings in three months. The new holders represent a 3% increase from the 1,190,195 registered on June 26.

Shiba Inu: Adding a use case

In addition to the hope that new SHIB holders can bet on the coin’s appreciation, investors may be attracted by SHIB’s growing utility. It’s worth mentioning that demand for meme-based cryptocurrencies has declined due to unfavorable publicity attributed to the coins’ perceived lack of utility.

Shiba Inu prices have been on a roller-coaster ride since June, but prices are mostly low. The coin’s three-month high in It was $0.000017 on August 15th, and as of this writing, it has gained about 5% in the last 24 hours.

Previously, most retail investors looked for liquidation around the price and then entry points when Memetoken approached $0.00001.

Due to the high concentration of tokens in the hands of small and medium-sized whalers, the Shiba Inu will face a significant increase in sales pressure whenever it succeeds in breaching environmental protection barriers.

Holding the Meme coin

Meanwhile, about 30% of SHIB investors have held the property for more than a year, according to data obtained by Into the Block. Despite the ongoing bear market, investors have generally refrained from getting rid of their coins.

These owners are fueling a sense of cynicism among investors, planning to dispose of SHIB as a quick profit asset.

As of this writing, the trading volume of Shiba Inu is still decreasing, so the volatility of the token is high. The decline in trading volume is not favorable for the coin, which relies on speculative appeal.

As the number of SHIB holders increases, the demand for the coin seems to decrease. According to Google Trends data, searches for the keyword “Shiba Inu” have dropped to their lowest level in the past 12 months, suggesting that the SHIB may be losing its most ardent fans.

SHIB total market cap at $6.27 billion on the daily chart | Source:

Featured image from Daily Pets Care, chart from

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