Dogecoin rival Shiba token loses 32,832 holders in only one day: Report

Popular Shiba Inu meme coin faced a significant downfall in the on network transactions and also in numbers of holders. 

Shiba Inu is a popular meme coin after Dogecoin. This coin is standing for nothing because its origin was nothing but after the shoutout of Tesla CEO Elon Musk, Shiba grabbed flagship assets like popularity in the industry. Right now Shiba Inu token is standing at 15th rank by 24 hours trade volume.

In the last three months, the Shiba Inu token saw huge attraction from the holders. In the last three months, Shiba Inu saw a slow but significant increment in the numbers of holders but the game changed into something negative after the verge of 16 March. 

In between 16 to 17 March, this meme coin saw a 2.74% drop in the total numbers of addresses holding Shiba in tokens. The number of holders changed from 1,199,453 to 1,166,621. 

Dogecoin rival Shiba token loses 32,832 holders in only one day: Report 1
Total number of addresses holding Shiba Inu. Source: CoinMarketCap

This decrease in the number of holders is quite similar to the downfall in the number of-chain transactions. In between January to February 2022, the number of on-network transactions had gone down from 283,268 to 257,003, which means a 9.27% downfall.

Team of Shiba moving toward the development 

No matter how much the popularity is getting down but Interestingly the team behind the Shiba Inu project is continuously working on new development works to make Shiba more than a meme coin. 

In the present time Shiba based Metaverse project, Shiberse. Initially, aimed to allow the virtual lands sale but what will be additional features, is still not known. 

Besides the Metaverse, the Project team is also working on Shibarium blockchain Network to create better support as a Layer2 scaling solution for Ethereum and also will slow down the cost of transactions of the Shiba Inu token. 

The current price of the Shiba Inu token is $0.00002232 and this price is 1.78% high over the last 24 hours.

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