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

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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

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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