SHIB Interest Declines as the Crypto Loses About 55k Holders in Just 10 Days

Shiba Inu (SHIB) has attracted new holders since the year started as its hype rose. However, the past ten days have seen the crypto lose about 55,000 holders. On March 15, the meme token holders were 1,198,789, while on March 25, the number stood at 1,144,118 based on CoinMarketCap data.

Lowering Interest in SHIB

Shiba is currently trading at $0.0000242, a 1.8% decrease from yesterday. On the weekly time frame, SHIB remains in a broad channel following a rebound from the established support level at $0.00001695.

Until March 17, the total number of unique addresses on the network holding the dog meme has constantly been growing. In a single day, it suffered a substantial decline of 32,832 holders.

The most recent reduction is the ninth in a row. The number of holders has decreased as interest in the asset declines. In March, the number of on-chain transactions related to the Shiba Inu token declined for the fourth consecutive month. From January to February, this figure decreased by 9.27%.

Despite the recent 1.8% drop in price over the last day, SHIB is still 8% higher than a week ago. According to the IntoTheBlock data agency, Shiba Inu’s profitability increased to 41 percent after falling to 35 percent earlier this month. On the same day, an unnamed whale paid over $5 million for an astounding 200,588,182,473 SHIB. With this sum combined with his prior buy six days earlier, he now owns 3,914,263,607,418 SHIB coins in his wallet.

SHIBA Army Burns About 230 Million tokens

According to @shibburn, the Shiba Inu Army continues to get rid of its meme tokens for good by locking them into addresses where they cannot be withdrawn or spent. The SHIB army appears to have recently increased its attempts to destroy Shiba Inu coins to reduce the circulating quantity of the cryptocurrency.

According to data compiled from etherscan on its website, almost 230 million Shiba Inu have been destroyed in the last two days. The highest transfer—168,944,352 meme tokens—to an “inferno” wallet held more than half of the entire value.

Why Holders are Leaving

The Bored Ape Yacht Club, a collection of non-fungible tokens (NFTs), announced the launch of a new cryptocurrency token, ApeCoin (APE), on March 17. The move generated significant interest in the token.

The token’s value initially spiked to over $40 before dropping to around $8.50 shortly after launch. It immediately recovered, with its value increasing by 70% in just 24 hours.

Considering that both events have the same time frames, it can be deduced that there was a change in excitement around the current popular animal-themed crypto. Hence, the shift from SHIB to ApeCoin.

The quantity of on-chain transactions for the digital asset is decreasing. Furthermore, Google data suggests that interest in the search ‘Buy Shiba Inu coin’ has recently declined. The Google Trends score fell from 100 on November 30, 2021, to three on February 28, suggesting a staggering 80% loss in interest.

The Rest of the Crypto Market is Gaining

According to data from CoinGecko, the total amount of cryptocurrency that investors have deposited has reached more than $2 trillion. It is the first time the market has reached this level since early March.

Various factors have affected the cryptocurrency market this year. However, its prices have started to trend upward in the past week. Bitcoin and Ethereum have gained about 6% and 5%, respectively. Cardano posted more than 30% growth in the same period.