Over the last 12 days, there has been a remarkable exodus of token holders from the high-profile Shiba Inu (SHIB) cryptocurrency project, and no one appears to be talking about it. Since March 16, 2022, SHIB has progressively lost holdings, totaling 63,901 users in less than two weeks.
Shiba Inu gained 118,695 new users since December 21, 2021. With the new record, the coins has now reached an all-time high of 1,199,453 token holders. The right-hand side of the chart below, on the other hand, displays SHIB’s three-month rolling average of asset holders, graphically demonstrating the stunning drop in Shiba Inu owners over the last few days. Despite gaining 118,695 new members in the last three months, the project has lost the equivalent of 54% of that number is only a few days. This topline study did not show whether the holders that left were long-term or short-term investors, but it is unlikely that it will matter if the current trend continues.
Outlook on Shiba Inue’s Fluctuations
That’s especially true given the recent spate of Shiba Inu-related good news, which includes:
- At press time, there had been an 18 percent price hike in the previous day and a 26 percent price increase in the previous week.
- SHIB’s blockchain is being developed by developers.
- The creation of a non-fungible token (NFT) collection for SHIB.
- SHIB decentralized exchange and associated cryptos will be launched.
- Last week, a special “burn gateway” for billions of tokens was announced on Twitterspace to assist lower the maximum supply and try to improve the price.
- In addition, Turkey is investigating SHIB as a currency option to combat its hyperinflation.
Despite all of this good news, it’s tough to overlook the fact that 32,000 Shiba Inu users abandoned the coin the night before the Federal Reserve announced a 0.25 percent rate hike on Wednesday, March 16.
On the same day, the Fed said that it plans to raise rates six more times this year to curb the country’s record-breaking inflation.