Over the last week of November, the number of Shiba Inu (SHIB) holders has significantly decreased. According to the data available on Etherscan, there were 1.28 million SHIB holders on November 23rd. By December 1st, this number fell to 1.25 million. A total of 30,000 addresses have completely drained their wallets of the popular canine-themed crypto.
Furthermore, whale holdings of Shiba Inu (SHIB) have also taken a hit. Earlier this year, Ethereum whales had around $500 million worth of SHIB tokens. As of now, the same whales hold around $74.5 million worth of SHIB or 8.03 trillion tokens.
A majority of whale holdings are currently invested in stablecoins USDT and USDC.
Is the hype around Shiba Inu dying?
The decrease in holders gives weight to the possibility that SHIB’s popularity is diminishing. However, it is also possible that the bear market has forced the hand of investors to switch to stablecoins.
Furthermore, according to LunarCrush, SHIB’s social mentions and engagements have also plummeted. As per the analysis firm’s data, total social mentions have fallen by 8.6%, while social engagement has fallen by 9.4%. Shiba Inu relies a lot on social media for relevance. With mentions and engagement down, the token will likely suffer the cost.
While the number of holders has decreased, one whale recently transferred 1.2 trillion Shiba Inu tokens to a new wallet. The value of the tokens is an eye-watering $11,983,603. The new wallet could signal the birth of a new SHIB whale. The sender’s wallet, on the other hand, is completely devoid of SHIB.
Moreover, there have been some new adoption cases for Shiba Inu as well. SHIB can now be used via BitPay to purchase shoes from the German brand, Atheist Shoes.
Additionally, BitPay can also be used to purchase vehicles from the Exclusive Automobile Group.
At press time, SHIB was trading at $0.00000928, up by 0.4% in the last 24 hours.