Investors Bet on SHIB: 35,000 Exceeded in 3 Months!

 The cryptocurrency market continues to struggle with negativity. The popular meme-coin Shiba Inu (SHIB) is no exception. However, despite its poor price performance, Shiba Inu has managed to add more than 35,000 holders in the last 3 months.

Shiba Inu has increased the number of holders by more than 35,000 in the last three months

As you have been following on cryptoify.blogspot.com, the ongoing crypto market volatility has significantly impacted meme coins like Shiba Inu (SHIB), which has seen unprecedented growth in 2021. Despite the depressed markets, some SHIB investors are ignoring the current market conditions. In this environment, investors are accumulating cryptocurrency more and more. Hence, they are betting on the asset for a potential rally.

Specifically, as of September 23, SHIB had 1,226,030 holder addresses. However, it added around 35,834 new holders in three months. The added holders represent a growth of about 3% from the 1,190,196 recorded on June 27, according to CoinMarketCap data.

SHIB quarterly holder chart / Source: CoinMarketCap

According to the data, the number of SHIB holders had been rising steadily from the end of June before experiencing a drop in early August.

High volatility in SHIB price

Meanwhile, SHIB's price trajectory continues to struggle in parallel with the broader crypto market. In particular, the asset is attempting to regain its 2021 highs as both its value and popularity increase.

For three months, the value of the SHIB experienced ups and downs. However, the price remained largely under pressure. During the period, SHIB peaked on August 15 and traded at $0.000017. At press time, SHIB was trading at $0.00001161, up about 5% in the last 24 hours.

SHIB quarterly price chart / Source: CoinMarketCap

Interestingly, according to IntoTheBlock data, around 30% of SHIB investors have held the asset for more than a year. In general, investors have refrained from potentially selling despite the decline. Such holders are trying to save SHIB as an asset for quick profits. This, in turn, is fueling bullish sentiment among investors.

Composition of SHIB holders by time held / Source: IntheBlock

New SHIB holders are betting on the cryptocurrency to potentially rally. Aside from this, investors are also likely to be attracted to the asset's increased utility. It's worth noting that interest in meme-coin has dampened its potential due to criticism over its lack of utility.

The increasing utility of SHIB

Increasingly, however, SHIB is increasing use cases in sectors such as payments. It is also entering the growing Non Fungible Token (NFT) space. Indeed, the Shiba Inu ecosystem is advancing the SHIBOSHIS project, a Shiba Inu NFT collection that will enable its holders to actively participate in NFT minting and trading, digital land acquisition and VR gaming.

At the same time, SHIB is working to launch the gaming ecosystem where NFT holders participate in metaverse games. Similarly, SHIB's momentum is also made up of massive token burn. For example, on September 21, approximately 132 million Shiba Inu tokens were destroyed in 24 hours. Notably, as the community resorted to reducing SHIB's supply, 410.38 trillion tokens were burned.

Amid a surge in the number of holders and Shiba Inu network activity, interest in the token appears to be waning. Data from Google Trends shows that global searches for the keyword 'Shiba Inu' over the past year dropped to their lowest point in more than a year in July this year. This means that the token is making less progress in popularity.

Source: Finbold

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