The Shiba Inu interest dies down slightly with the price and on-chain metrics cooling off, so is it time to move on? We try and find out in today’s weekend Altcoin news.
According to blockchain company Bloxy, the Shiba Inu interest dies down slightly as seen by the number of transactions and volume for November dropped compared to the previous month with the transaction count dropping over 40%. Since bursting into the top 20 coins in October, Shiba Inu got under heavy criticism on the grounds of lack of utility. Most of the crypto users saw the doggy-meme coins with disdain so this could have influenced the downtrend. The markets are irrational and the lure of “striking a jackpot” from a meme coin investment keeps Shiba Inu relevant, but does the cooling down mean SHIB’s time has come?
Shiba Inu has been trending downwards since hitting a new high of $0.00008827 in October. By the end of November, we saw the coin dropping to $0.00005444 and made a two-week high while giving hope that the downtrend bottomed out. The bulls could not sustain the breakout which led to a continuation of the selling in December. Right now, SHIB is down by 53% from its ATH and continued its downtrend. Compared to other tokens like Solana, they are fast approaching the previous ATH and it seems that the investors are looking somewhere else.
On-chain metrics and analysis by Bloxy support the thesis that the investors are looking away from SHIB. November saw the number of transactions drop to 42.3% from the all-time high of $1,389 and at the same time, the volume dropped but not as significant as the transaction count which dropped by 35.5%. Despite the apparent cooling of interest, whales continue to hold firm and as reported recently, SHIB makes up the most popular ERC-20 holding in the top 1000 ETH whale wallets without Ethereum. What’s interesting is that SHIB accounted for 20% of the total holdings that were greeted then the second most held token CRO which made up about 6% of the holdings.
Despite the downtrend, SHIB remains the most popular whale holding and FTX replaces CRO As the second most held token. SHIB is again held in bigger quantity than these two tokens which only suggests that the whales are not done with this meme coin.
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