SHIB loses 55,000 holdings in ten days
SHIB, the crowd-favorite meme currency, had a remarkable year in 2021. It reached significant milestones in terms of active token holders, and SHIB was torched. Now, the critical issue is: Can this puppy sustain the buzz in 2022?
Since the start of 2022, the number of SHIB holders has increased significantly. As a result, the hype storey is bolstered. March, on the other hand, was not so kind to the meme-coin. Recently, the decentralised cryptocurrency lost over 55,000 holders in less than 10 days.
According to CoinMarketCap statistics, the number of SHIB holders decreased from 1,198,789 to only 1,144,118 between 15 March and 25 March.
The aforementioned setback occurred after the second week of March. Additionally, this was not the first bloodshed. Just seven days ago, the token had a significant loss of almost 30,000 holders in a single day.
As seen in the graph above, it had a significant decline of 32,832 holders till 17 March. Between 16 and 17 March, the number decreased by 2.74 percent, from 1,199,453 to 1,166,621.
Even among holders, 55% incurred significant losses, according to statistics from IntoTheBlock. In aggregate, the measurements indicated a bearish red zone, as seen below.
Everything portrayed a bleak image in this case
One could reasonably inquire as to the cause for SHIB’s demise. To be honest, there was no obvious response. However, there is another plausible explanation: SHIB was losing the hype game. Meanwhile, Apecoin was the dominant cryptocurrency.
The Bored Ape Yacht Club announced the launch of their own cryptocurrency token, ApeCoin, on 17 March (APE). Suspiciously, it seems as if the passion has transferred to the current popular animal-themed cryptocurrency. As a result, it is possible that some individuals switched from SHIB to ApeCoin.
Despite the noise, the SHIB community was a critical supporter of the protocol. According to SHIBburn, the Shiba Inu army has proceeded to purge its meme tokens. The army stored the tokens in addresses and did not withdraw or use them. Over 230 million Shiba Inu have been destroyed in the last two days.
So what happens next? SHIB holders, on the other hand, may wait for Elon Musk to pump/promote SHIB on social media once again.
Nonetheless, at the time of publication, the flagship currency had had a 3.5 percent correction in 24 hours. It was trading at $0.00002 per unit.
