Despite a small increase in the value of Shiba Inu (SHIB) over the previous week, it has continued to experience a fall in the number of holders of the DeFi token, prompting traders to speculate if interest in the asset is currently on the slide.
As things stand, the CoinMarketCap crypto community, with a historical accuracy rate of 70%, is projecting that the meme token will trade at an average of $0.00003789 by the end of April 2022 with 34,614 votes.
In particular, the estimated price indicates a $0.00001128 (+42.41%) increase from the DeFi asset’s current value.
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Meanwhile, the votes of 21,848 community members for the end of May established a slightly lower target than April’s, predicting that SHIB will trade at $0.00003224 +$21.18% on the price of the dog coin at the time of publication.
Based on the performance of estimates made over the preceding six months, the crypto community has historically predicted the price of Shiba Inu with an accuracy rate of 70%.
SHIB price analysis
Currently, SHIB is trading at $0.0000266, up 1.15% on the day and 1.51% across the last week, according to CoinMarketCap data.
The total market cap of the token stands at $14.6 billion at the time of publication.
Interestingly, the community is rather bullish on the asset, anticipating that more investors will buy Shiba Inu Coin in the next months, despite losing more than 60,000 holders in just two weeks.
Notably, the number of unique addresses on the network steadily increased until March 17, when it suddenly dropped significantly, losing 32,832 holders in a single day.
Shiba Inu may be seeing a decline in demand due to a move to ApeCoin (APE), a new crypto phenomenon that is attracting over 1,700 new investors on average every day.
In fact, the debut of the Bored Ape Yacht Club’s cryptocurrency matched the start of the SHIB’s drop in its number of holders.
According to Google Trends data compiled by Finbold, interest in the search phrase ‘Buy Shiba Inu coin’ has dropped from 100 on October 29, 2021, to just one on March 26, 2022.
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