Shiba Inu’s price trend has been bearish and has been consistent with the rest of the cryptocurrency market. Notably, SHIB is still trying to regain the heights it attained in 2018 when the joke coin’s value and popularity skyrocketed.
Some investors of the token are confident that the asset will return regardless of the current state of the cryptocurrency market. Investors are reportedly increasing their coin purchases, ignoring the cryptocurrency bloodbath.
SHIB has 1,226,031 holding addresses as of September 24 according to data from CoinMarketCap, a growth of roughly 35,835 additional holdings over the previous three months. Compared to the 1,190,195 people who were registered on June 26, the new holders represent a 3% rise.
Investors are likely attracted to the SHIB because of its increasing utility, as well as the possibility that new SHIB holders may speculate on the coin’s appreciation. It is important to note that the negative press about the lack of usefulness of meme-based cryptocurrencies quelled interest in them.
Are Shiba-Inu investors loyal?
Shiba Inu’s value has been on an up-and-down roller coaster since June, although the price has largely stayed low. On August 15, the coin’s price reached a three-month high of $0.000017, and as of the time of writing, it had increased by around 5% over the previous day.
According to data from Into the Block, about 30% of SHIB investors have held assets for more than a year. Although the bear market is still going strong, investors have largely avoided selling their coins. These holders want to prevent SHIB from being a quick profit asset while promoting an optimistic attitude among investors.
Shiba Inu’s volatility is still high as of the time of writing because the trading volume is still in decline. For a coin that mainly relies on speculative appeal, the drop in transaction volume is undesirable.
