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Shiba Inu records a resurgence in new holders amid a recent price rally

Shiba Inu records a resurgence in new holders amid a recent price rally

Following the recent infusion of cash into the dog meme coin, Shiba Inu (SHIB) has seen a revival in the number of new holders.

SHIB holders had been steadily increasing over the past three months, reaching a peak of over 1.216 million unique addresses as of July 31, before collapsing in a two-day span that saw the digital asset lose 16,000 holders.

However, after the collapse on August 2, the total number of unique SHIB addresses that hold assets on the network has increased in tandem with the number of SHIB holders to 1.208 million as of August 17, according to statistics obtained by Finbold from CoinMarketCap.

SHIB total addresses. Source: CoinMarketCap

Retail investors appear to have returned

Indeed, on August 14, $1.5 billion entered SHIB’s market cap in the space of 24 hours which appears to have increased the number of holders as retail traders begin to return to the digital asset.

Interestingly, data from Google Trends showed that over the past year, global search queries for the keyword “Shiba Inu” dropped to the lowest point in over a year during July. 

With that said, Hayden Hughes, chief executive of social-trading platform Alpha Impact stated on August 16:

“Dogecoin and Shiba Inu have both broken out over the weekend, clear evidence that the retail investor is back.”

SHIB exhibited indications of recovery that started in July, which corresponded with the general market’s advances, which have been trading in the green zone in recent weeks. This was after SHIB had a shaky first half of 2022.

Shiba Inu is registering increasing capital inflow and picking up steam among the cryptocurrency community, on August 15, the decentralized finance (DeFi) token appeared as the most-trending crypto leading the 24-hour chart, while it ranks as the second most-trending cryptocurrency as of August 17 behind Ethereum (ETH) as it prepares for its Merge upgrade.

SHIB price analysis

At the time of publication, SHIB is trading at $0.00001601 up 0.79% in the last 24 hours and 29.01% across the previous week.

SHIB 7-day price chart. Source: CoinMarketCap

The market cap of the dog coin currently stands at $8.8 an increase of $2.2 billion in the previous seven days.

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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