Shiba Inu (SHIB), a meme-based cryptocurrency has seen a rough 2022, with the asset’s value fluctuating amid a larger market slump. Despite the depressed market, SHIB has been able to attract additional investors as the development team works to increase the asset’s usefulness.
Shiba Inu has added a total of 109,033 new holders to this line in 2022. Using the Wayback Machine, Finbold established that on January 3, SHIB had gathered 1,114,483 holdings, a 9% increase from the 1,223,513 holders registered on October 13, according to statistics from CoinMarketCap.
However, it is important to note that the number of SHIB holders has changed throughout the year, mostly in correlation with the asset price.
The capacity of SHIB to attract new holders comes against the background of what looked to be waning interest in meme currencies after its 2021 surge. The decline in popularity of the token was observed by Google Trends. In July of this year, worldwide searches for the phrase “Shiba Inu” sank to their lowest level in almost a year, according to available data.
Nonetheless, as a result of ongoing development, the SHIB team has launched a number of measures to increase the asset’s viability.
Notably, the decentralized finance (DeFi) asset has logged behaviours such as a higher burn rate, which aims to reduce the token’s supply and maybe cause a price rise. So far, almost 410 trillion tokens have been burned.
In addition, the platform has entered the gaming industry by exploiting the non-fungible tokens (NFTs) market. SHIBOSHIS, a collection of Shiba Inu NFTs, intends to allow holders to actively engage in NFT minting, trading, and digital land acquisition with VR gaming. The community’s interest in the notion continues to rise.
Moreover, investors seem to be leaving established digital currencies like Bitcoin (BTC) in Favour of the meme currency now that SHIB has emerged among the relatively inexpensive assets. For example, fresh data reveals that Indian investors are boosting their investments in SHIB in the hope that the asset could revive the momentum of 2021.
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