While Shiba Inu (SHIB-coin) holders have been increasing steadily in the last three month, the token decentralized token saw a large loss of 32,000 holders just one day ago.
CoinMarketCap data shows that the SHIB holders declined by 32,832 Friday after a three-month steady climb.
Between March 17 and 18, the number decreased from 1,199,452 to 1,166,620. Figures show earlier this month that the volume of Shiba Inu token on-chain transactions has decreased for the fourth consecutive month.
Between January and February 2022, this number decreased by 9.27%, from 283,267 to 257,002.
Keyword Search down for Shiba Inu
Additionally, Google interest in the keyword “Buy Shiba Inu coin” has been declining, with the Google Trends score dropping from 100 on November 30, 2021, to only 3 on February 28, implying a 97% decline in interest during this period.
Shiba Inu coin — created anonymously in August 2020 under the pseudonym “Ryoshi” as the “Dogecoin Killer” – shed 4,222 addresses from 1,161,661 to 1,157,437, ending a three-month increase in holders that unfurled in November.
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According to analytics platform IntoTheBlock, 95% of holders of SHIB have held the stock for between one and 12 months, showing a bullish long-term mood, while short-term sentiment is gloomy.
Nearly 80% of the SHIB currently in circulation are owned by people with at least $100,000 net worth.
SHIB market capital at $13.34 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com
Crypto traders lose interest in risky assets
Early February saw the first sign of decline in interest in Shiba inu. The meme cryptocurrency had lost more than 4,000 addresses between January 28th and February 3rd 2022.
This could indicate that crypto traders have reduced their risk exposure to risky assets by lowering interest rates.
SHIB’s risk stems from the fact that the smart contract code underlying the DEX is publicly accessible, in contrast to Bitcoin and Ethereum, which both have publicly accessible codebases.
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It is clear that Bitcoin long-term investors have amassed Bitcoin. On March 17th 2022, 11.7 million BTC was held. That same day, SHIB lost almost 35,000 subscribers.
This might indicate that investors who are long-term could be hedging against SHIB and favoring BTC.
SHIB was trading at $0.00002224 at the time of writing, down 0.045% from the previous week’s close of $0.00002225. The coin’s market capitalization is $12.21 billion.
Meanwhile, despite the asset’s recent price decrease, the Turkish Minister of Economy expressed interest in the meme currency, considering its adoption with a member of Turkey’s “SHIB army” and other Turkish Parliament officials.
Featured image taken from Yahoo News UK. Chart from TradingView.com