The SHIB community has been experiencing growth tremendously since the beginning of this year. Strangely, the community lost nearly 55K SHIB holders within nine days. Coinmarketcap data revealed that SHIB members are now 1,144,119 as of March 25 compared to 1,198,788 as of March 15, indicating a decline of 54,669 within ten days.
SHIB Holders Are Reducing
The number of SHIB holders increased gradually before a sharp drop in the number of holders eight days ago when more than 32K holders dumped the meme-themed cryptocurrency. This latest decrease is the ninth successive day that the number of SHIB community members has declined, hinting that many crypto investors seem to be losing interest in the dog-themed digital asset.
You’d recall that various media reported that SHIB-related transactions have been decreasing for the fourth successive month. According to the on-chain analytics platform, Santiment, the number of SHIB-related transactions declined by 9.31% between January and February this year.
Are SHIB Holders Dumping SHIB For APECOIN?
When BAYC announced the launch of its native token, APECOIN, eight days ago, many crypto investors took a serious interest in it. At launch time, APECOIN was valued at about $41 before a massive decline to about $8.53 after a short while. But, the token’s value shot up again, gaining nearly 75% within 24 hours.
Based on the timeframe for this price reversal, market speculators predict a change in interest from SHIB to APECOIN as this was the same day that SHIB lost nearly 33k holders. Recent Google data also confirms the declining interest in the dog-themed cryptocurrency. The Google trend score for the search term “buy Shiba Inu coin” was three as of late last month compared to a score of 100 as of last November.
This decrease in Google trends’ score represents a massive loss of interest within this short period. Despite the declining interest in the token, IntoTheBlock data claimed that there had been a 42% increase in SHIB profitability following a 36% decline last month.
SHIB Community Burns 235M Tokens
According to @SHIBburn data, the SHIB community has moved another significant amount of SHIB to a wallet address where they can neither be withdrawn nor spent (otherwise known as burning). The SHIB community is keeping up with the pledge to significantly reduce the amount of SHIB tokens in circulation over the next few months.
The Etherscan website indicates that nearly 235m SHIB tokens have been burned over the last 48 hours. The website revealed that more than half of those tokens were transferred to a wallet known as the ‘inferno’ wallet.
Nevertheless, the overall evaluation of the meme-themed coin stands at $14B, proving that some investors are still accumulating SHIB tokens. For instance, an anonymous whale is on a SHIB buying spree. Despite making a similarly huge purchase last week, the whale purchased over the 200B SHIB tokens earlier this week. As of this writing, the whale now owns nearly 4 trillion SHIB tokens.