In Just Two Weeks, SHIB Has Lost Over 60,000 Holders.

Months of steady growth in the number of Shiba Inu holding addresses appears to have come to an end as the token entered its 12th day of decline, losing over 60,000 holders. According to CoinMarketCap data, SHIB has dropped from 1,199,453 token holders on March 16 to 1,135,593 as of March 29, a decrease of 63,860 holding addresses.

The total number of unique addresses on the network holding the memecoin had been steadily increasing until March 17, when it suddenly plummeted, losing 32,832 holders in a single day. In early March that the number of on-chain transactions involving SHIB had been declining for the 4th consecutive month, with a 9.27% decrease.

One reason for the drop in demand could be a decrease in interest in the Shiba Inu coin and a shift to a completely new cryptocurrency is ApeCoin (APE), which is gaining over 1,700 new holders on a daily basis. If you compare two of the Total Addresses chart, you can notice that the launch of the cryptocurrency of the popular non-fungible token (NFT) collection known as the Bored Ape Yacht Club coincided with the start of the Shiba Inu’s decline in the number of holders.

Aside from that, according to Google Trends data, interest in the search term ‘Buy Shiba Inu coin’ has dropped significantly, from 100 on October 29, 2021, to around 2 on March 26, 2022.

Is this the beginning of the downtrend season for memecoin? Let us know by commenting below!

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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