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

Shiba Inu’s price movement has followed other cryptocurrency markets and remains negative. In particular, SHIB seeks to recapture the high point it reached last year, when the value and popularity of meme coins skyrocketed.

At the time of writing, SHIB is trading at $0.00001145, down 4.5% over the past 7 days. Data from his Coingecko show on Sunday.

Despite the crypto market slump, some dog-themed coin investors remain optimistic their assets will rebound, increasing their coin purchases while ignoring the market weakness. .

According to data from CoinMarketCap, as of September 24, SHIB had 1,226,031 holding addresses, representing an increase of approximately 35,835 new holdings over the three-month period. The new owner is up 3% from his 1,190,195 registered on June 26th.

Shiba Inu: More Use Cases

In addition to the prospect that new SHIB holders may bet on the coin’s valuation, investors may be drawn to SHIB’s rising utility. It’s worth mentioning that interest in meme-based cryptocurrencies has waned as a result of negative publicity about the lack of usefulness of cryptocurrencies.

Shiba Inu prices have been on a roller coaster since June, but prices have mostly remained low. The coin’s 3-month high was at $0.000017 on August 15th, up about 5% in the last 24 hours at the time of writing.

Previously, the majority of retail investors liquidated near the price, looking for an entry point when the memetoken neared $0.00001.

With a large concentration of tokens in the hands of small and medium-sized whales, the Shiba Inu face a significant increase in selling pressure each time they successfully break through the local barriers of resistance.

hold on to meme coins

Meanwhile, according to statistics from Into The Block, about 30% of SHIB investors have held their assets for more than one year. Despite the ongoing bear market, investors generally refrain from disposing of the coin.

These holders aim to eliminate SHIB as a short-term gain asset while fostering a bullish mood among investors.

At the time of writing, Shiba Inu trading volume is still declining, so the token remains highly volatile. A drop in trading volume is not good for a coin that relies heavily on speculative attractiveness.

Interest in the coin seems to be waning as the number of SHIB holders increases. Global searches for the keyword “shiba inu” have fallen to their lowest level in 12 months, suggesting that SHIB may be losing its most loyal fans, according to Google Trends data. .

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

Featured image from Daily Pets Care, chart from TradingView.com