SHIB transactions drop 40% in January declining for the 4th consecutive month

SHIB transactions drop 40% in January declining for the 4th consecutive month
5 months ago
2 mins read

Following an incredible spike in value and popularity in 2021, the decentralized meme token Shiba Inu (SHIB) looks to be losing steam slowly.

In particular, the number of SHIB on-chain transactions fell by more than 40% in January, marking the fourth consecutive monthly decline for the digital asset.

SHIB had a total of 475,157 on-chain transactions in December 2021, compared to 278,942 in January 2022, representing a fall of 41.29% over the two months, according to data from blockchain analytics website bloxy.info.

SHIB on-chain transactions. Source: bloxy.info

Notably, the number of transfers in January is more than four times lower than the all-time high of 1,389,603 transactions recorded in November 2021.

Is SHIB on the decline?

Recently, Finbold reported that demand for SHIB on Google has declined by over 90% in the last three months.

Indeed, search interest for the keyword ‘Buy Shiba Inu coin’ dropped substantially from a high of 100 on October 29, 2021, to a score of 8 on January 29, 2022, meaning that interest between those 90 days in the keyword dropped 92%.

The data compiled by Finbold shows among the top 10 nations most interested in the ‘Buy Shiba Inu coin’ term, Nigeria leads the way with 100 searches, followed by Qatar with 70 and North Macedonia with 67.

Crypto exchanges continue to add SHIB

Nevertheless, a recent listing on the Uphold cryptocurrency trading platform has increased SHIB’s exposure to new users and momentarily increased its value. 

While on January 27, four of the top 10 trending cryptocurrencies featured the term ‘SHIB’ in their ticker, signaling that other meme tokens are stealing SHIB’s thunder as investors seek a similar asset that will rise in value.

Currently, the meme token is trading at $0.00002078, down 5.31% in the last 24 hours and up 4.82% over the last week with a total market capitalization of $11.4 billion as per CoinMarketCap statistics.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.