SHIB adds over 15,000 holders in a month despite wiping $4 billion from its market cap

2 months ago
2 mins read

Despite the entire cryptocurrency market getting caught in the bearish streak this week, with all the major assets trading in the red, the interest in some of them, particularly Shiba Inu (SHIB) doesn’t seem to have wavered and is even recording gains.

Indeed, over the past month, the dog meme coin has gone from having 1,131,043 token holders on April 10 to as many as 1,146,848 as of May 10, an increase of 15,805 addresses holding it, according to CoinMarketCap data acquired by Finbold on May 10.

SHIB total addresses on the rise. Source: CoinMarketCap

On average, more than 3,951 new token holders jumped on the Shiba Inu bandwagon each week or nearly 527 per day.

Although the increase in the total number of SHIB holders might not reflect on the price instantly, it indicates the growth in interest in it over time and could represent an optimistic sign in the longer run.

SHIB losses in other areas

At the same time, the price and market capitalization of SHIB have been recording significant declines, which have further intensified in recent days in conjunction with the overall bearish market sentiment.

Specifically, its total market worth on May 10 stood at $9.06 billion, recording a loss of $4.41 billion or 32.74% compared to the $13.47 billion it had on April 10. As things stand, SHIB is the 15th-largest cryptocurrency by market capitalization.

SHIB 1-month market cap. Source: CoinMarketCap

Currently, Shiba Inu is trading at $0.00001674, down 3.41% in the last 24 hours and 19.99% over the previous seven days. On a year-to-date (YTD) basis, SHIB is still trading largely in the red.

Elsewhere, Finbold reported a week ago that the number of SHIB transactions has dropped to its 12-month low, as recorded transactions fell by almost 70% in Q1 2022 from the previous quarter.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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Ana Nicenko

Ana Nicenko has a plethora of knowledge and experience as a journalist covering the cryptocurrency and blockchain industries, having written for a variety of projects and organizations. Additionally, Ana has a master's degree in English Language and Literature. At Finbold, she reports news on the digital assets sector.