Shiba Inu once carried so much promise that the crypto space actually believed it will flip and overtake the \u201cOG\u201d (slang:<\/em> original gangster)<\/em> dog-themed crypto, Dogecoin.<\/span><\/p>\n But SHIB failed to live up to the hype, falling victim to the volatility that has been plaguing the cryptocurrency market this year.<\/span><\/p>\n At one point, Shiba Inu ranked behind Dogecoin in terms of market capitalization. But now, the crypto asset has fallen even further behind DOGE.<\/span><\/p>\n According to tracking from <\/span>Coingecko<\/span><\/a>, SHIB ranks 13<\/span>th<\/span> among all digital currencies, having a market cap of $5.9 billion. As of this writing, it is trading at $0.00001015, losing 7.8% of its value for the past week.<\/span><\/p>\n The way things are going on right now, one would think investors will veer away of the crypto. But in a surprising twist, Shiba Inu opens its doors to a substantial number of new holders this year.<\/span><\/p>\n According to data<\/a> from CoinMarketCap, the number of Shiba Inu holders as of October 13, 2022 was 1,223,516. The figure is 9% bigger than the 1,114,483 number that was tallied on January 3.<\/span><\/p>\n This development comes as a total surprise, as Google Trends data revealed a significant decrease in the number of SHIB-related searches, reaching its lowest point in a year last July.<\/span><\/p>\n As the crypto\u2019s popularity dropped, analysts believed that interest for the meme altcoin was already fading.<\/span><\/p>\n But the SHIB team is not giving up on the asset, finding ways to introduce initiatives that increased the viability of the cryptocurrency.<\/span><\/p>\n Shiba Inu has already entered the gaming field and is utilizing the non-fungible tokens (NFTs) space.<\/span><\/p>\n It is perhaps because of this that there\u2019s new data showing Indian investors are putting money into SHIB, hoping the asset will duplicate its performance in 2021 when it rose to prominence.<\/span><\/p>\n Recently, the Shiba Inu team announced it took control of the burn portal Shibburn.com from Ryoshi Vision.<\/span><\/p>\n Additionally, a new burn mechanism, much like the Shibarium protocol, will be introduced for users as the team is banking on massive token burning to somehow push SHIB prices to higher levels.<\/span><\/p>\n On October 13, Shibburn.com revealed 20 billion SHIB tokens were burned in just 24 hours, bringing the overall total to 410.38 billion.<\/span><\/p>\n A lot of work still needs to be done is this department as the current total supply of Shiba Inu is almost 1 quadrillion. Its circulating supply is over 589 trillion.<\/span><\/p>\nShiba Inu Holders Grow By 9%<\/b><\/h2>\n
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<\/p>\nImage: Broke And Chic<\/pre>\n
SHIB Tokens Burned In Hopes Of Triggering Price Rally<\/b><\/h2>\n
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SHIB total market cap at $5.47 billion on the daily chart | Featured image from WBUR, Chart: TradingView.com<\/a>
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\nDisclaimer: The analysis represents the author's personal views and should not be construed as investment advice.<\/pre>\n<\/p><\/div>\n