Shiba Inu’s price trend has been in line with the rest of cryptocurrency markets and is still negative. SHIB continues to seek out the highs it achieved last year as the popularity and value of the meme currency surged.
SHIB’s current price is $0.00001145. That is 4.5% less than the previous seven days. Data from Coingecko, Sunday.
Despite the crypto market’s sluggish condition, a portion of the dog-themed coin’s investors are optimistic that the asset will recover and are boosting their coin purchases while ignoring the market’s weakness.
CoinMarketCap data shows that SHIB currently has 1,226,031 address holding addresses. That’s an increase of about 35,835 over three months. This is a 33% increase over the 1,190,195 holders who were first registered June 26.
Shiba Inu: An Increasing Use Case
In addition to the prospect that new SHIB holders may wager on the coin’s appreciation, investors are likely drawn by SHIB’s rising utility. It is worth mentioning that interest in meme-based cryptocurrencies waned as a result of unfavorable publicity around the coins’ supposed lack of utility.
Since June, Shiba Inu’s value has been on a roller-coaster ride, but the price has mostly remained low. The coin’s three-month high price was $0.000017 on August 15, and as of the time of writing, it had gained about 5% in the last 24 hours.
In the past, most retail investors sold around the price. Then they sought entry points once the memetoken reached $0.00001.
Shiba Inu is subject to significant selling pressure when it breaks through local resistance barriers due to the large concentration of tokens held in the hands small- and medium-sized whales.
Staying True to The Meme coin
Meanwhile, around 30% of SHIB investors have held the asset for more than a year, according to statistics from Into The Block. Despite the ongoing bear market, investors have generally abstained from disposing of their coins.
The holders of SHIB are trying to create a positive mood in investors by aiming for a fast-profit asset.
As of the time of writing, the trading volume of Shiba Inu is still declining, hence the token’s volatility remains high. For a coin with speculative appeal, the drop in trade volume would be unfavorable.
It appears that SHIB’s popularity is declining as more SHIB owners become SHIB. Google Trends data indicates that global searches for the keyword “Shiba Inu” decreased to their lowest level in the past 12 months, suggesting that SHIB could be losing its most avid fans.
SHIB market capital at $6.27 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured Image from Daily Pets Care chart by TradingView.com