In the wake of the FTX exchange’s collapse, the market as a whole has been trading sideways, including the meme currency Shiba Inu (SHIB).
Although SHIB has been unable to stage a strong rally, the increasing number of its holders suggests that the coin is catching the attention of investors.
On December 11th, the number of SHIB holders was reported to be 1,258,320, up from 1,251,237 at the beginning of the month. According to Etherscan, SHIB added 643 new holders every day in December.
Shiba Inu Supporters Remain Bullish
As a matter of fact, SHIB owners are fighting to get back to where they were before the dramatic decline in November. In the final week of November, for example, about 9,000 holders dumped the asset.
The price of SHIB has been notably bearish during the month of December, with the asset failing to identify a critical point that may initiate an uptrend. Shiba Inu had a price of $0.00000885 at the time of publication, down from $0.0000093 at the beginning of the month.
According to the monthly graph, the highest value of the coin reached on December 5 at $0.0000099. Additionally, SHIB is down significantly from its 2021 highs as the token suffers the effects of the market’s downturn and after the FTX fiasco, all hopes for upward momentum was dashed.
However, possible news about network adoption is likely to be good for SHIB. Interestingly, the coin got some much-needed support after Elon Musk bought Twitter, because there’s been talk that SHIB may be added as a payment option on the massive social media platform.
Volunteer project lead and developer for meme coin Shiba Inu (SHIB), Shytoshi Kusama has taken to Twitter to declare that the World Economic Forum (WEF) is interested in collaborating with SHIB developers to unveil its global metaverse (MV) policy. But the WEF has said that Shiba Inu was not asked to help make the global metaverse policy.
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