finbold.com
Meme cryptocurrency Shiba Inu (SHIB) has recorded a turbulent 2022, with the asset’s value experiencing swings amid a broader correction in the crypto market. Despite the suppressed market conditions, SHIB has managed to attract more holders as the development team embarks on giving the asset more utility.
In this line, Shiba Inu has added at least 109,033 new holders in 2022. By leveraging the Wayback Machine, Finbold determined that on January 3, SHIB had amassed 1,114,483 holders representing a growth of about 9% to the 1,223,516 holders recorded on October 13, according to CoinMarketCap data.
However, it is worth pointing out that SHIB holders have fluctuated across the year, mostly correlating with the asset price movement.
SHIB holders increase despite fading interest
The ability of SHIB to add more holders comes in the backdrop of what appeared to be a fading interest in meme coins after the rise in 2021. The token’s drop in popularity was highlighted on Google Trends. Data suggested that global searches for the keyword “Shiba Inu” over the past year dropped to the lowest point in over a year in July this year.
However, with continued development, the SHIB team has embarked on several initiatives to make the asset more viable.
Notably, the decentralized finance (DeFi) asset has registered activities like an increased burn rate that seeks to minimize the token’s supply and potentially trigger an increase in valuation. To date, over 410 trillion tokens have been burnt.
At the same time, the platform has made inroads into the gaming sector, leveraging the non-fungible tokens (NFTs) space. In this line, SHIBOSHIS project, a collection of Shiba Inu NFTs, aims to enable holders to participate actively in NFT minting, trading, and digital land acquisition alongside VR gaming. The concept continues to receive increased attention from the community.
Furthermore, with SHIB emerging among the relatively cheap assets, investors appear to be abandoning established digital currencies such as Bitcoin (BTC) in favor of the meme coin. For instance, new data indicates that Indian investors are increasingly venturing into SHIB, hoping the asset will rekindle the momentum of 2021.
SHIB price analysis
Furthermore, the growth in holders comes as the asset continues to be weighed down by the general crypto market volatility. By press time, the token was trading at $0.00001043 with significant gains of over 11% in the last 24 hours.
The recent growth aligns with the bullish outlook among the CoinMarket crypto community, projecting that the asset will trade at $0.000013 by the end of October 2022.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.