Shiba Inu price trend has been following the rest of the cryptocurrency market and is still negative. Notably, SHIB is still striving to regain the high points it reached last year, when the value and popularity of the meme coin soared.
As of this writing, SHIB is trading at 0.00001145 USDdown 4.5% in the past seven days, data from Coingecko shows, Sunday.
Despite the stagnation in the cryptocurrency market, a portion of the dog-themed coin investors are optimistic that the asset will recover and boost their coin purchases while ignoring the weak market.
According to CoinMarketCap data, as of September 24, SHIB owns 1,226,031 addresses, which is an increase of about 35,835 new ownerships over a three-month period. The new owners represent a 3% increase over the 1,190195 who were registered on June 26.
Shiba Inu: A growing use case
In addition to the possibility that new SHIB holders will bet on the currency’s appreciation, investors are likely to attract SHIB’s increased interest. Notably, interest in meme-based cryptocurrencies has waned as a result of unfavorable publicity about the coins’ supposed lack of utility.
Since June, Shiba Inu’s value has been on a fast ride, but the price has mostly remained low. The coin had a three-month high of $0.00017 on August 15, and as of the time of writing, it has gained around 5% in the past 24 hours.
Previously, the majority of retail investors liquidated around the price and then sought entry points as the memetoken approached $0.00001.
Due to the massive concentration of tokens in the hands of small and medium-sized whales, Shiba Inu faces a significant increase in selling pressure as it breaks through the barriers of previous local resistance.
stick to meme coin
Meanwhile, about 30% of SHIB investors have held the asset for more than a year, according to statistics from Into The Block. Despite the ongoing bear market, investors have generally refrained from dumping their coins.
These owners are fostering a bullish mood among investors while aiming to eliminate SHIB as a quick-earning asset.
As at the time of writing, Shiba Inu’s trading volume is still declining, so the coin’s volatility remains high. The decline in trade volume is unfavorable to a currency that is highly dependent on the attractiveness of speculation.
As the number of SHIB holders increases, interest in the coin appears to be waning. Google Trends data indicates that global searches for the keyword “Shiba Inu” have fallen to the lowest level in the past 12 months, suggesting that SHIB may be losing its most ardent fan.
SHIB total market cap at $6.27 billion on the daily chart | Source: TradingView.com Featured image from Daily Pets Care, chart from TradingView.com