Shiba Inu Exodus: 32,000 Holders Lose Interest In The ‘Dogecoin Killer’

Christian Encila

Last Updated: June 11, 2024 2:18 pm

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

While the number of Shiba Inu (SHIB) coin holders has been steadily increasing over the last three months, the decentralized token just saw a significant loss of over 32,000 holders in a single day.

According to CoinMarketCap data, the number of SHIB holders decreased by 32,832 on Friday, following a steady three-month climb.

Between March 17 and 18, the number decreased from 1,199,452 to 1,166,620. Figures show earlier this month that the volume of Shiba Inu token on-chain transactions has decreased for the fourth consecutive month.

Between January and February 2022, this number decreased by 9.27%, from 283,267 to 257,002.

Shiba Inu Keyword Search Down

Additionally, Google interest in the keyword “Buy Shiba Inu coin” has been declining, with the Google Trends score dropping from 100 on November 30, 2021, to only 3 on February 28, implying a 97% decline in interest during this period.

Shiba Inu coin — created anonymously in August 2020 under the pseudonym “Ryoshi” as the “Dogecoin Killer” – shed 4,222 addresses from 1,161,661 to 1,157,437, ending a three-month increase in holders that unfurled in November.

According to analytics platform IntoTheBlock, 95% of holders of SHIB have held the stock for between one and 12 months, showing a bullish long-term mood, while short-term sentiment is gloomy.

Almost 80% of all SHIB in circulation are held by individuals with a net worth of $100,000 or more.

SHIB total market cap at $13.34 billion on the daily chart | Source: TradingView.com

Crypto Traders Losing Interest In Risky Assets

The first signs of declining interest in Shiba Inu emerged in early February, when the meme cryptocurrency lost over 4,000 holding addresses between January 28 and February 3, 2022.

The decline in interest could signal that cryptocurrency traders are reducing their exposure to a risky asset.

SHIB’s risk stems from the fact that the smart contract code underlying the DEX is publicly accessible, in contrast to Bitcoin and Ethereum, which both have publicly accessible codebases.

There is evidence that long-term holders have been amassing Bitcoin, with the total amount held reaching 11.7 million BTC on March 17, 2022, the same day SHIB lost almost 30,000 subscribers.

This could signal that long-term investors are hedging their bets against SHIB in favor of BTC.

SHIB was trading at $0.00002224 at the time of writing, down 0.045% from the previous week’s close of $0.00002225. Market capitalization for the coin is at $12.21 billion.

Meanwhile, despite the asset’s recent price decrease, the Turkish Minister of Economy expressed interest in the meme currency, considering its adoption with a member of Turkey’s “SHIB army” and other Turkish Parliament officials.

Featured image from Yahoo News UK, chart from TradingView.com

Christian Encila

Christian Encila is a journalist, editor, crypto analyst, and virtual assistant focused on storytelling, financial markets, and digital media. He blends strong writing skills with in-depth analysis, turning complex information into clear, accessible insights.

His writing began in college as a feature writer for his school publication, building research and storytelling skills. He later worked as an editor at a data engineering firm, gaining recognition for writing and discipline.

He expanded internationally in Canada and South Korea, then returned to the Philippines for a decade in a major newsroom. There he became a senior news writer and editor, simplifying complex topics for broad audiences.

He later moved into cryptocurrency journalism as a crypto analyst and market expert at NewsBTC, covering trends and blockchain developments. Alongside writing, he works as a Virtual Assistant supporting editorial operations, workflows, and coordination tasks.

Outside work, he enjoys motorbikes, riding a Yamaha R3, preferring relaxed coastal rides. He spends time with two cats and a dog, and unwinds with coffee, Filipino food, and occasional rum while watching comedy films.

His career blends journalism, analysis, and support roles, reflecting adaptability across media, markets, and digital content production in modern newsroom environments and remote work settings globally.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.