Shiba Inu [SHIB], one of the most popular meme coins out there, has been attracting a lot of attention lately. Be it 2021 or 2022, the meme coin has performed well in this crypto sea full of competitors. Regardless, though, why can’t SHIB paint the same picture for its price point?
Pet friendly accommodation?
Shiba Inu is a dog breed-themed altcoin that has inspired people around the world to invest, albeit in a more speculative way. It is one of the few meme coins that has gained traction over the past two years. Now, the crypto has faced a lot of headwinds that have reduced SHIB’s dominance in the market. Unfortunately, a majority of memecoin holders, aka the whales, have supported this alternative through thick and thin.
According to WhaleStats, a web app that tracks the activity of major crypto holders, SHIB holders, it was 1,178,209 at press time. This is a significant jump from last week’s numbers. By the way, even in the previous month.
Source: Whalestats
This is indeed a surprising observation as the majority of SHIB holders (~78%) have suffered massive losses. Still, HODLers continue to believe in the network.
Adding addresses to the network was a problem area for SHIB. Daily active addresses have been consolidated somewhat. There has been no significant increase for more than three months. However, this time there is a small increase as an average of 2,400 new holders are added daily despite a volatile market.
Source: Santiment
And that’s not all. Shiba Inu is among the top 10 in the category of most used smart contracts among 2,000 tokens on the Ethereum network. Simply put, the utility of Shiba Inu has greatly increased among whales as SHIB is among the most widely used smart contracts.
CURRENTLY AT: $SHIB @Shibtoken one of the MOST USED smart contracts among the top 2000 #ETH Whales in the last 24 hours🐳
We also have $MANA, $AMP, $MATIC, $SAND & $LINK on the list 👀
Whale Leaderboard: https://t.co/R19lKnPlsK#SHIB #whalestatistics #babywhale #BBW pic.twitter.com/fkFbNZMoFb
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) June 11, 2022
help the cause
Corresponding SHIBQueenie, the official SHIB Discord Moderator and member of Growth Breed, has minted more than 2,000 Welly NFTs to date. The goal is to reward DOGE members or Welly NFT holders each quarter and have decisions made through the SHIB BONE (DOGGY) DAO on monthly proposals or as needed.
Over 2,000 Welly’s NFTs have been minted! Congratulations @wellyfriendsso proud of your efforts and for coming back so strong after the discord attack ❤❤
For those who are still curious #WellyFriends read @ShytoshiKusama‘s latest medium https://t.co/2vFIEF0tYv #NFT #NFTMint
— SHIBQueenie (@SHIBQueenie) June 10, 2022
Well, whatever the case, SHIB’s price still suffers. At the time of writing, SHIB had experienced an 18% correction as it slipped to the $0.000008 level. Here, SHIB needs two things – the BTC/ETH market to move up, and maybe Elon Musk to give this struggling puppy some attention.