While the number of Shiba Inu (SHIB) coin holders has steadily increased over the past three months, the decentralized token saw a significant loss of more than 32,000 holders in a single day.
According to data from CoinMarketCap, the number of SHIB holders fell by 32,832 on Friday, after a steady increase for three months.
Between March 17 and 18, the number dropped from 1,199,452 to 1,166,620. Figures earlier this month show that the volume of Shiba Inu token on-chain transactions has declined for the fourth consecutive month.
Between January and February 2022, this number decreased by 9.27%, from 283,267 to 257,0002.
Keyword Search Shiba Inu Down
In addition, Google’s interest in the keyword “Buy Shiba Inu Coin” has declined, with the Google Trends score dropping from 100 on November 30, 2021 to just 3 on February 28, representing a 97% decline in interest in this one. period implies.
Shiba Inu coin – made anonymous in August 2020 under the pseudonym “Ryoshi” as the “Dogecoin Killer” – dropped 4,222 addresses from 1,161,661 to 1,157,437, ending a three-month increase in holders that unfolded in November.
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According to the analytics platform IntoTheBlock, 95% of SHIB holders have held the stock for between one and 12 months, showing an optimistic long-term mood, while the short-term sentiment is bleak.
Nearly 80% of all SHIB in circulation is 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 waning interest in Shiba Inu emerged in early February, when the meme cryptocurrency lost more than 4,000 addresses between January 28 and February 3, 2022.
The drop in interest rates could indicate that cryptocurrency traders are reducing their exposure to a risky asset.
The risk of SHIB stems from the fact that the smart contract code underlying the DEX is publicly accessible, unlike Bitcoin and Ethereum, both of which have publicly accessible codebases.
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Evidence suggests that long-term holders have accumulated Bitcoin, with the total amount reaching 11.7 million BTC on March 17, 2022, the same day SHIB lost nearly 30,000 subscribers.
This could indicate 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 last week’s closing price of $0.00002225. The market cap for the coin is $12.21 billion.
Meanwhile, despite the asset’s recent drop in prices, Turkey’s economy minister has expressed interest in the meme currency given its endorsement with a member of the Turkish “SHIB army” and other officials of the Turkish parliament.
Featured image from Yahoo News UK, chart from TradingView.com