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Shiba Inu (SHIB) adds 20,000 holders in a month despite sluggish market

Shiba Inu (SHIB) adds over 20,000 holders in a month despite sluggish market

Despite the bearish sentiment surrounding the crypto market as a whole and the fact that Shiba Inu (SHIB) is now trading far below its all-time high which it reached in October 2021, interest in the dog meme token appears to be increasing.

Indeed, over the course of one month, SHIB has attracted over 20,000 new investors as interest returns to the decentralized finance (DeFi) asset, according to data Finbold retrieved from CoinMarketCap on July 11.

As per this data, SHIB had 1,178,157 holders on June 12, whereas as of July 11, there were 1,199,539 holders of the meme token, representing total growth of 21,382 across this time frame.

Total SHIB addresses 1-month. Source: CoinMarketCap

SHIB overcomes past losses

Between March 16 and March 17, the number of unique addresses on the network that held the dog meme currency suffered a tremendous dip, losing 32,832 holders as their number dropped from 1,199,453 to 1,166,621 in just one day. Prior to this, the total number of unique addresses was on a steady upward pattern.

A significant loss was also recorded in early June, as the total number of SHIB holders dropped from 1,198,222 on June 2 to 1,176,715 on June 8, translating to a loss of 21,507 holders in under one week after a sharp but short-lived increase.

Now it seems that SHIB is bringing back its holders, as their most recent number surpasses both the ones from March 16 and June 2. In the last three months, the meme token has added nearly 70,000 holders, growing from 1,129,628 on April 13 to the current amount.

Shiba Inu adoption grows

At the same time, the token is becoming more adopted as a method of payment as Uber Eats and DoorDash started accepting it in the United States, along with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Bitcoin Cash (BCH), and popular stablecoins on June 20, after which the number of SHIB holders continued to grow during the following week.

As things stand, the dog currency is trading at $0.00001106, which is a decrease of 2.39% on the day, but a 7.69% gain across the previous week, according to CoinMarketCap data.

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