The popularity of Shiba Inu (SHIB) and other meme cryptocurrencies had appeared to fade in recent months aligning with the extended depressed markets. However, the latest data shows that a section of investors are likely betting on the token, with the number of addresses hitting a new milestone.
As of September 12, the total number of SHIB holders stood at 1,221,112, growing by 40,033 in three months. Notably, on June 16, SHIB holders stood at 1,181,079, marking a 3.38% increase, according to CoinMarketCap data. Number of SHIB holders. Source: CoinMarketCap
After the number of addresses plunged in early August, the figure has steadily surged adding about 16,876 holders over the last month. SHIBs price maintains gains
The growing number of SHIB holders correlates with the assets price, which has spiked over the three months. By press time, the token was trading at $0.000012, a growth of almost 50% from $0.0000080 recorded on June 14. SHIB three-month price chart. Source: CoinMarketCap Related Ford makes ‘big move’ into the metaverse filing 19 Web3 trademark applications Ethereum’s Merge upgrade is only days away – what’s ahead for ETH? Open interest in Bitcoin’s perpetual futures contracts just hit a 4-month high
The price rally aligned with the tokens signs of embarking on a resurgence that began in July after the general market showed indications of putting behind the bear market. Interestingly, SHIB continued to gain gains even as the rest of the market recorded massive sell-offs.
Furthermore, the decentralized finance (DeFi) asset had attracted significant capital inflow to emerge as the most trending cryptocurrency on August 15. It is worth noting that SHIB had, at some point, lost its status to an established asset like Ethereum (ETH). Fading interest in SHIB
Overall, however, the token has generally recorded less interest, with data from Google Trends indicating that over the past year, global searches for the keyword Shiba Inu dropped to the lowest point in over a year in July this year.
At the same time, it can be argued that holders are betting on SHIB to rally as the token continues to gain utility. For instance, the coin has earned more adoption as a payment means, with entities like Uber Eats and DoorDash accepting it in the United States.
It is worth noting that after leading the crypto rally in 2021, the fortunes of SHIB have generally dwindled, with the latest analysis indicating that other assets are taking over. As reported by Finbold, Terra Classic (LUNC), the old chain of the now collapsed Terra (LUNA) ecosystem, is gaining ground as the new favorite meme cryptocurrency.
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