Appeared to be fading in recent months, coinciding with the extended bear market.
he most recent data indicates that a segment of investors is likely betting on the token, with the number of addresses hitting a new high.
As of September 12, the total number of SHIB holders was at 1,221,112, up 40,033 in the last three months. Notably, as per sources statistics, the number of SHIB holders was at 1,181,079 on June 16, representing a 3.38% increase.
After the number of addresses plunged in early August, the number of addresses have steadily increased over the previous month, adding around 16,876 holders.
SHIB’s price maintains gains
The growing number of SHIB holders correlates to the asset's price, which has increased in the last three months. At the time of writing, the token was trading at $0.000012, up almost 50% from $0.0000080 on June 14.
The price increase coincided with the tokens' signals of a comeback, which began in July when the broader market showed signs of exiting the bear market. Surprisingly, SHIB continued to rise in value even while the rest of the market plummeted.
Furthermore, on August 15, the decentralized finance (DeFi) asset garnered huge capital inflows to become the most trending cryptocurrency. It is worth mentioning that SHIB has lost its status to a more established asset such as Ethereum at some point.
Fading interest in SHIB
Overall, however, the token has received less attention. The Google Trends data shows that global searches for the phrase "Shiba Inu" dropped to their lowest point in over a year in July of this year.
At the same time, it can be argued that holders are banking on SHIB to rise in value as the token gains utility. For example, the token has gained traction as a payment method, with companies like Uber Eats and DoorDash accepting it in the United States.
It is worth noting that, after leading the cryptocurrency rally in 2021, SHIB's fortunes have largely declined, with the most recent data showing that other assets are taking control. As reported by CoinGabbar, Terra Classic (LUNC), the old chain of the now-defunct Terra (LUNA) ecosystem, is gaining traction as the new favorite meme cryptocurrency.
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