Shiba Inu Holder Decrease, What's Up?

Shiba Inu meme Token transaction decreased. (photo: Kanchanara-Unsplash)

JAKARTA – Shiba Inu (SHIB) token holders are reported to have experienced a decline even though they had experienced a significant increase in the last 3 months. The meme token holder and the “Dogecoin killer” decreased by 32,832 holders.

According to NewsBTC, between March 17 and 18, the number decreased from 1,199,452 to 1,166,620. Figures showed earlier this month that Shiba Inu token on-chain transaction volume had declined for the fourth month in a row. Between January and February 2022, this number decreased 9.27 percent, from 283,267 to 257,002.

Not only that, searches on Google's search engine with the keywords "Buy Shiba Inu coins" also decreased by 97 percent in the period November 2021 to February 2022. For information, the Shiba Inu token was created by a person claiming to be "Ryoshi" in August last 2020.

According to analytical platform IntoTheBlock, 95 percent of SHIB holders have been holding for between one and up to 12 months, suggesting a bullish longer-term mood, while near-term sentiment is downbeat.

The meme token is controlled by the whales. Nearly 80 percent of all outstanding SHIBs are held by individuals with a net worth of $100,000 or more.

The first signs of declining interest in the Shiba Inu emerged in early February, when the cryptocurrency meme lost more than 4,000 storage addresses between January 28 and February 3, 2022.

A drop in interest could signal that cryptocurrency traders are reducing their exposure to risky assets. There is evidence that long-term holders have accumulated Bitcoin, with the total amount held reaching 11.7 million BTC on March 17, 2022, the same day SHIB lost nearly 30,000 subscribers.

Despite the decline in token holders, Turkey's Shiba Inu community managed to meet the government reportedly interested in adopting SHIB. However, there is no more detailed information about this.