Shiba Inu (SHIB) remains one of the most popular crypto with more than 1.1 million holders
Although Shiba Inu (SHIB) recorded tremendous growth in 2021, the holders’ metric growth was not replicated on the coin’s market capitalization, which plunged 24.96% during the month. At the start of the month, SHIB’s market cap stood at $24.79 billion, while as of December 31st, the figure was $18.60 billion. At the time of writing, SHIB is changing hands at $0.0000338.
SHIB/USD 4-hour chart | Source: TradingView
Shiba Inu (SHIB) ends year with $6 billion outflows in December despite adding over 80,000 new holders
The year 2021 was a triumphant one for the meme-based token that has changed many people’s lives with a 1,000% run back in October and million percentage returns since the first listings. The asset remains one of the most popular positions on the cryptocurrency market, with more than 1.1 million holders.
Between December 1st and December 30th, SHIB added 81,305 holders from 1,021,997 to 1,103,302. Elsewhere, the coin has not been spared of the general crypto market correction, with the price dropping over 24% in December to trade at $0.000034 by press time.
SHIB total addresses last 30 days | Source: Coinmarketcap
While SHIB has hit some major milestones in recent months, the token remained under constant pressure in December despite a growing number of holders who managed to stay above the one million mark. This, therefore, means that new holders did not buy enough SHIB to offset the reduced selling pressure on Shiba Inu.
Notably, new holders may still be betting on a new SHIB bull run, and it could be argued that the new entrants include small-scale investors. SHIB offers a reasonable opportunity to participate instead of other assets like Bitcoin for such investors.
Interestingly, the price has dropped even though SHIB developers take initiatives like token burning. Between December 20 and 26, a total of 1,140,746,704 SHIB were burned. Burning operations significantly reduce SHIB availability, which holders hope will act as an incentive to trigger a positive price movement.
Elsewhere, despite a drop in SHIB’s market cap, the token remains among the most popular cryptocurrencies of 2021. Our report shows the ‘Dogecoin killer’ at over 188 million views is the most viewed digital asset this year, followed by Bitcoin. Finally, it is worth noting that at some point, SHIB briefly surpassed the first meme cryptocurrency, Dogecoin, based on market capitalization.
Shiba remains the most popular asset among whales
As 2021 ends, Shiba Inu remains the most popular holder of the 1,000 largest Ethereum addresses, with $1.8 billion located across multiple whale-grade addresses. While the asset’s holdings have dipped below $1.8 billion previously, there is a positive sentiment in the market just ahead of the new year.
Other markets and on-chain SHIB indices have also entered the green zone and show growth in net flows, average whale wallet balances, and average SHIB holdings. According to trading volume, the growth of related indices is tied to the SHIB’s 2% price gain today and barely any selling pressure.
While Shiba Inu’s overall market data looks very positive, the asset’s volatility remains extremely low in value, hitting 2% per day, a common ratio for stocks, bonds, and stocks and traditional currencies. According to the token’s market history, increased volatility is one of the main “selling points” of Shiba Inu, with most users buying into assets to “hit the jackpot” by riding another 100% wave that was no surprise for SHIB.
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