Shiba Inu welcoming more than 100,000 Shiba Inu this year

The Shiba Inu was once so promising that the crypto space actually believed it would overtake ‘OG’ by flipping it over (Slang: original gang) Dogecoin, a dog-themed crypto.

However, SHIB failed to live up to the hype and fell victim to the volatility that has plagued the cryptocurrency market this year.

At one point, Shiba Inu ranked behind Dogecoin in terms of market capitalization. But now, this crypto asset is further behind DOGE.

According to tracking from coin geckoSHIB Rank 13th Among all digital currencies, it has a market capitalization of $5.9 billion. As of this writing, it is trading at $0.00001015, down 7.8% from last week’s value.

In the current situation, you would expect investors to stay away from cryptocurrencies. But in a surprising twist, the Shiba Inu opens its doors to quite a few new owners this year.

9% increase in Shiba Inu owners

According to CoinMarketCap data, there were 1,223,516 Shiba Inu owners as of October 13, 2022. This number is 9% higher than the 1,114,483 figure aggregated on January 3rd.

The development comes as a complete surprise, as data from Google Trends shows that SHIB-related searches dropped significantly, hitting a one-year low last July.

Image: Broke And Chic

Analysts believed that interest in meme altcoins had already waned as cryptocurrencies declined in popularity.

However, the SHIB team has not given up on assets and is finding ways to introduce initiatives that increase the viability of cryptocurrencies.

Shiba Inu has already entered the gaming space, leveraging the Non Fungible Tokens (NFT) space.

This is probably why we have new data showing Indian investors are pouring money into SHIB, and we hope to replicate that performance in 2021 when the asset hits the spotlight. .

SHIB Token Burned in Hopes of Causing Price Rise

Recently, the Shiba Inu team announced that it had acquired control over the burn portal Shibburn.com from Ryoshi Vision.

Additionally, as the team relies on massive token burns to push the SHIB price to higher levels, a new burn mechanism will be introduced for users, much like the Sibarium protocol.

On October 13th, Shibburn.com revealed that 20 billion SHIB tokens were burned in just 24 hours, bringing the overall total to 410.38 billion.

The current total supply of Shiba Inu is almost 1000 trillion, so much work still needs to be done in this sector.

SHIB total market cap at $5.47 billion on the daily chart | Featured image from WBUR, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.