Despite the fact that the number of Shiba Inu (SHIB) coin holders has been continuously expanding over the previous three months, the decentralized token has lately experienced a massive loss of more than 30,000 holders in a single day.
Indeed, the total number of unique addresses on the network holding the dog meme coin was on a steady climb over the last three months, until March 17, when it saw a major dip by 32,832 holders.
Between March 16 and March 17, the number went from 1,199,453 to 1,166,621 – a 2.74% drop, according to CoinMarketCap data acquired by Finbold on March 18.
Interestingly, this decline in the number of holders corresponds with the number of transactions on the network.
Earlier in March, Finbold reported that the number of on-chain transactions of the Shiba Inu token was on a downward pattern for the fourth month in a row. Between January and February 2022, this number had gone down from 283,268 to 257,003, or by 9.27%.
Interest in online searches for Shiba Inu drops as well
Furthermore, the interest in the keyword ‘Buy Shiba Inu coin’ on Google has been on a down trend as well, with the Google Trends score reducing from 100 on November 30, 2021, to only 3 on February 28, meaning the interest dropped by a staggering 97% during this period.
While in early February, Finbold noted the first signs of falling interest in the meme cryptocurrency, when Shiba Inu lost more than 4,000 holding addresses over the course of one week between January 28 and February 3, 2022.
Elsewhere, despite the assets decline in price over the last couple of months, the Turkish Minister of Economy has shown interest in the meme coin, discussing its adoption with a ‘SHIB army’ member from Turkey, and other officials from the Turkish Parliament.
At the time of publication, SHIB traded at $0.00002224 which is a 0.045% decrease from the price of $0.00002225 which it had the week before. The coin’s current market capitalization stands at $12.21 billion.