As it has been said before, one of Shiba Inu’s greatest assets is its community. The investors and supporters are the reason that this memecoin has managed to become one of the top 10 cryptocurrencies in the market. After the price drop of 32%, the altcoin now wants to fall back on them to bring it back.
Shiba Inu – The Social Currency
In a report published yesterday, Shiba Inu highlighted her past achievements regarding her social achievements. According to that report
“Social Media Relevance targets 30 million visits per month to a community of 2.9 million followers, and this is only on Twitter. We’re getting closer to 50 million profile visits if we include all our social media channels.”
Shiba Inu even maintained its position as one of the top 5 most searched crypto assets worldwide.
It also highlighted some of the network’s developments, namely the Metaverse Shiberse, the Layer-2 blockchain Shibarium, and more.
But in addition to basking in its glorious past, Shiba Inu has also made plans for what it intends to do next.
In order to better connect with its community, the memecoin has announced the official SHIB Twitter community. This allows users to connect and discuss shared interests.
Second, it also introduces Shiba Sessions – a special weekly Twitter Spaces profile.
Declining, network growth is slowing down again
These moves by Shiba Inu make sense as the network has lost a significant portion of its growth in recent weeks. Certainly compared to months like October 2021.
The rate of user addition, which was at its peak in October and November, witnessed the onboarding of 100,000 investors within ten days. However, the fast pace dropped significantly as the network only has 60k investors on board as of the beginning of this year.
Shiba Inu addresses with balance | Source: Intotheblock – Coin-Crypto
The bear market, which was the main cause of this reluctance, is also reflected in the decline in network growth.
What this suggests is that asset adoption has been withering lately.
Shiba Inu network growth | Source: Santiment – Coin-Crypto
As a result, the lack of growth has led to significant sales this month alone. In fact, over 1 trillion SHIB worth $22.4 million was sold back on exchanges.
This also led to a decline in the rate at which SHIB changes hands – a sign of waning interest.
Shiba Inu Speed | Source: Santiment – Coin-Crypto
Simply put, these efforts to reinvigorate social interest could pay off if they are also backed up by a substantial price hike.
At press time, SHIB was consolidating approximately $0.00002271. Needless to say, it’s too early to say whether these efforts can come to fruition.