After rising to record levels in recent weeks, meme cryptocurrency Shiba Inu is currently experiencing high volatility that appears to be impacting the number of holders.
Since October 8, 2021, the number of SHIB holders has dropped for the first time standing at 980,500 as of November 19, according to data provided by CoinMarketCap.
Over the last three months, the number of holders peaked on November 15 at 992,986, dropping to 968,871 on November 16 losing 24,115 holders in a day. The figures slightly recovered on November 17 to 972,837 and gained 3,792 holders on November 18.
Notably, the plunge comes after the token recorded a sustained surge in holders. Our previous report indicated that between October 10 and November 8, 2021, Shiba Inu holders grew 31.1%, from 706,808 to 926,684. The growth correlated with SHIB’s 111% spike in value over the same period.
SHIB’s experiencing volatility
At the same time, the coin’s recent surge in value appears to be cooling off. By press time, SHIB was trading at $0.000044, dropping by about 4% in the last 24 hours, with the weekly drop standing at 16%.
Worth noting is that the value has continued to drop despite the news that the crypto payment gateway platform CoinGate integrated SHIB enabling over 500 merchants to accept the token as a payment option.
The drop in holders comes as a setback for the Shiba Inu army that was targeting the over one million mark. The movement potentially highlights the selling pressure by SHIB investors who aim to cash out before the token corrects further.
In general, the drop mirrors the entire cryptocurrency market that wiped out over $300 billion in one week. The decline has been triggered by Bitcoin’s correction that saw the asset trade below the crucial $60,000 mark.
SHIB, considered the ‘Dogecoin killer’, has generally emerged popular with several positive happenings around the network. For instance, after listing on Coinbase, the token recorded an inflow of $870 billion within 24 hours.
Elsewhere, SHIB proponents are pushing for the coin to be listed on retail investment platform Robinhood. Consequently, over half a million people have signed an online petition calling for the SHIB’s listing on Robinhood.
SHIB price movement
SHIB is currently trading below the crucial $0.000050 support line, with bears appearing more powerful than bulls. The token has also sustained a low buying trading volume.
The token can surge once again if buyers take advantage and buy at the dip or risk dropping to $0.00003528. In general, SHIB’s price movement is also pivoted on the general crypto market movement.