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Shiba Inu (SHIB) holders had been steadily increasing over the previous three months, but in just 10 days, the decentralized cryptocurrency lost around 55,000 users. According to CoinMarketCap data, SHIB's meme token holders have decreased by 54,671 in the last ten days, from 1,198,789 on March 15 to just 1,144,118 on March 25.
The total number of unique addresses holding the dog meme currency on the network has been continuously climbing until March 17, when it dropped by 32,832 holders in a single day. The most recent reduction is the ninth in a row in which the number of holders has decreased as interest in the asset appears to be waning.
Finbold had announced earlier in March that the number of on-chain Shiba Inu token transactions had decreased for the fourth month in a row. This figure fell by 9.27 percent from January to February 2022, from 283,268 to 257,003.
The Bored Ape Yacht Club, a collection of non-fungible tokens (NFTs), announced the launch of ApeCoin (APE), a new cryptocurrency token, on March 17, generating a lot of buzz in the cryptocurrency market.
When APE was first released, its value soared to almost $40 before plummeting to around $8.50 just a few months later. The token, on the other hand, made a rapid rebound, with its value soaring by about 70% in just 24 hours.
Given the same time spans, it’s possible that the excitement and buzz surrounding the current popular animal-themed cryptocurrency changed, leading to a switch from SHIB to ApeCoin.
The quantity of on-chain transactions for the digital asset has been on the decline, as previously stated.
Furthermore, Google data shows that interest in the search term “Buy Shiba Inu coin” has been dwindling recently, with the Google Trends score going from 100 on November 30, 2021, to only three on February 28, suggesting a staggering 80% drop in interest during that time.
Shiba Inu is currently trading at $0.00002506, up 2.65% in the past 24 hours and 14.74 percent in the last week.Despite the rise, the broader crypto sector has seen general growth, reaching a total market valuation of $2 trillion.
Despite a reduction in holdings, investors continue to buy Shiba Inu Coin, bringing the entire market value of the meme currency to $13.7 billion.
