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According to data, the total number of unique addresses holding SHIB was 1,198,22 on June 2, but fell to 1,176,715 on June 8, representing a loss of 21,507 holders in less than a week.
Almost NO demand
Shiba Inu (SHIB), a meme cryptocurrency, is still struggling from the broader crypto market volatility, having lost a major portion of its holders in less than a week.
Between June 3 and 4, the number of holders declined by 23,576 in a single day.
SHIB holders have been steadily increasing in correlation with increased network activity prior to the decline.
Despite a little decreasing tendency for the majority of 2022, the gains were made.
The decrease in holders occurs after SHIB experienced a steady dip in transactions during the year 2022.
The number of transactions on the network dropped by over 26% between January and May 2022.
The sudden drop in holders comes just days after the decentralized finance (DeFi) asset announced a new high-water mark for holders.
The sudden drop in holdings could signal that the euphoria surrounding meme coins is diminishing once more, possibly due to their limited utility.
In order to boost its chances, the network had a large burn rate on June 2 that increased by 190 percent in just 24 hours.
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SHIB’s market capitalization has fallen by at least 10% in the last seven days, despite maintaining its position among the top cryptocurrencies.
SHIB was trading at $0.0000106 at press time, up 0.6 percent in the previous 24 hours. In the last seven days, the token has lost over 10% of its value, which is in line with the normal volatility of the cryptocurrency market.
Following the token’s spectacular ascent in 2021, a segment of the market has expressed bullishness, suggesting substantial use cases like as being used as a payment method.
According to Finbold, a CoinMarketCap crypto community predicted that on June 30, 2022, SHIB would trade at an average price of $0.00002654.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
