Shiba Inu Exodus: 32,000 Holders Lose Interest In The ‘Dogecoin Killer’
March 20 2022 - 5:07AM
NEWSBTC
While the number of Shiba Inu (SHIB) coin holders has been steadily
increasing over the last three months, the decentralized token just
saw a significant loss of over 32,000 holders in a single day.
According to CoinMarketCap data, the number of SHIB holders
decreased by 32,832 on Friday, following a steady three-month
climb. Between March 17 and 18, the number decreased from
1,199,452 to 1,166,620. Figures show earlier this month
that the volume of Shiba Inu token on-chain transactions has
decreased for the fourth consecutive month. Between January and
February 2022, this number decreased by 9.27%, from 283,267 to
257,002. Shiba Inu Keyword Search Down Additionally, Google
interest in the keyword “Buy Shiba Inu coin” has been
declining, with the Google Trends score dropping from 100 on
November 30, 2021, to only 3 on February 28, implying a
97% decline in interest during this period. Shiba Inu coin —
created anonymously in August 2020 under the pseudonym “Ryoshi” as
the “Dogecoin Killer” – shed 4,222 addresses from 1,161,661 to
1,157,437, ending a three-month increase in holders that unfurled
in November. Related Article | Stablecoins Now At $187 Billion, UST
And USDN Volume On The Rise According to analytics platform
IntoTheBlock, 95% of holders of SHIB have held the stock for
between one and 12 months, showing a bullish long-term mood,
while short-term sentiment is gloomy. Almost 80% of all SHIB in
circulation are held by individuals with a net worth of $100,000 or
more. SHIB total market cap at $13.34 billion on the daily chart |
Source: TradingView.com Crypto Traders Losing Interest In Risky
Assets The first signs of declining interest in Shiba Inu emerged
in early February, when the meme cryptocurrency lost over 4,000
holding addresses between January 28 and February 3, 2022. The
decline in interest could signal that cryptocurrency traders are
reducing their exposure to a risky asset. SHIB’s risk stems from
the fact that the smart contract code underlying the DEX is
publicly accessible, in contrast to Bitcoin and Ethereum, which
both have publicly accessible codebases. Related Article | Ethereum
Sees Biggest Exchange Withdrawals This Year – A Bump In ETH Price
In The Offing? There is evidence that long-term holders have been
amassing Bitcoin, with the total amount held reaching 11.7 million
BTC on March 17, 2022, the same day SHIB lost almost 30,000
subscribers. This could signal that long-term investors are hedging
their bets against SHIB in favor of BTC. SHIB was trading at
$0.00002224 at the time of writing, down 0.045% from the previous
week’s close of $0.00002225. Market capitalization for the coin is
at $12.21 billion. Meanwhile, despite the asset’s recent price
decrease, the Turkish Minister of Economy expressed interest in the
meme currency, considering its adoption with a member of Turkey’s
“SHIB army” and other Turkish Parliament officials. Featured
image from Yahoo News UK, chart from TradingView.com
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