ALTCOINSShiba Inu [SHIB] price falling despite its 40% increase in growth

Shiba Inu [SHIB], one of the most popular meme coins, has recently gained a lot of attention. Whether in 2021 or 2022, the meme coin has made good progress in this competitive crypto-sea. Regardless of this, why can’t SHIB paint the same picture for its price?

Is there pet-friendly accommodation?

Shiba Inu is a dog breed-themed altcoin that has motivated individuals all around the world to invest, albeit speculatively. It is one of the few meme coins that have gained popularity in the previous two years. Now, the crypto has faced numerous obstacles, reducing SHIB’s market domination. fortunately, the whales, or the majority of memecoin holders, have stood by this alt through thick and thin.

SHIB holdings were at 1,178,209 at press time, according to WhaleStats, a web app that tracks the activities of major crypto-holders. This represents a considerable increase above the previous week’s figures. For that matter, the preceding month. Indeed, this is an unexpected finding given that the vast majority of SHIB holders (78 %) suffered enormous losses. Nonetheless, HODLers remain optimistic about the network.

Adding addresses to the network has been a source of concern for SHIB. Daily active addresses have been consolidated to some extent. A major increase has not been observed in over three months. However, despite a tumultuous market, a slight increase is seen this time as it onboards 2,400 new holders on average everyday. Not only that, but there’s more. Shiba Inu is one of the top ten most used smart contracts among the 2,000 tokens on the Ethereum Network. Simply put, Shiba Inu’s utility has increased among whales, as SHIB is one of the most widely used smart contracts.

Contributing to the cause

More than 2,000 Welly NFTs have been minted so far, according to SHIBQueenie, the official SHIB Discord moderator and member of the Growth Breed. The idea is to reward DOGE members or Welly NFT holders every quarter and make decisions on monthly proposals or as needed through the SHIB BONE (DOGGY) DAO.

Whatever the case may be, SHIB’s pricing is still suffering. At the time of writing, SHIB had experienced an 18% correction, falling to R0,00013. SHIB now needs two things: the BTC/ETH market to grow and Elon Musk to pay notice to this ailing pup.

ALTCOINSShiba Inu [SHIB] price falling despite its 40% increase in growth

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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