Shiba Inu Adds Nearly 36,000 Holders Since June Despite Crypto Market Turmoil

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,125,539,880,547	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,125,539,880,547

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-814.94	-1.40%	57,422.79	57,424.99	57,425.18

Price Change

Price Change %

Current Price

Bid Price

Offer

-814.94

-1.40%

57,422.79

57,424.99

57,425.18

High Price	Low Price	Open Price	Prev. Close	52 Week Range
58,526.89	56,903.79	58,384.58	58,237.73	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

58,526.89

56,903.79

58,384.58

58,237.73

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	06:48:40	0.000206	57,422.79	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

06:48:40

0.000206

57,422.79

USD

Price x Volume	Volume	Base Symbol	Related Pairs
168,887,026.28	2,938.44	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

168,887,026.28

2,938.44

Shiba Inu Adds Nearly 36,000 Holders Since June Despite Crypto Market Turmoil

25/09/2022 10:45am

NEWSBTC

The price trend of Shiba Inu has been following the rest of the cryptocurrency market and remains negative. Notably, SHIB is still seeking to reclaim the high points it reached last year, when the value and popularity of the meme coin surged. As of this writing, SHIB is trading at $0.00001145, down 4.5% in the last seven days, data from Coingecko show, 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. According to data from CoinMarketCap, as of September 24, SHIB has 1,226,031 holding addresses, representing an increase of around 35,835 new holdings over the course of three months. The new holders represent a 3% increase from the 1,190,195 who were registered on June 26. Related Reading: Dogecoin (DOGE) Is On Top Of Whales’ Menu – Here’s Why Shiba Inu: 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. Previously, the majority of retail investors liquidated around the price and then sought entry points as the memetoken approached $0.00001. Due to the massive concentration of tokens in the hands of small and medium-sized whales, Shiba Inu faces a significant increase in selling pressure whenever it succeeds to breach past local resistance barriers. Holding On 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. These holders are fostering a bullish mood among investors while aiming to eliminate SHIB as a quick-profit asset. As of the time of writing, the trading volume of Shiba Inu is still declining, hence the token’s volatility remains high. The decline in trade volume is unfavorable for a coin that heavily depends on speculative appeal. As the number of SHIB holders increases, it appears that interest in the coin is waning. 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. Related Reading: Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6? SHIB total market cap at $6.27 billion on the daily chart | Source: TradingView.com Featured image from Daily Pets Care, chart from TradingView.com

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