By
Tolu Ajiboye
April 19th, 2024
The Shiba Inu army has reached a new milestone with one million SHIB users. The Shiba Inu price surged 18% on Thursday reversing the declining trend from the last week.
Meme cryptocurrency Shiba Inu (SHIB) has been in the news for the last few months amid its wild rally recently. On Thursday, November 25, Shiba Inu (SHIB) clocked another major milestone with the total number of SHIB users crossing 1 million.
The announcement came through the blockchain’s official Twitter handle. The announcement notes:
“Such a proud, and amazing milestone for the ShibArmy. SHIB reaches one million holders. Today we all cheer, and celebrate this great moment in SHIB’s history”.
It has been a series of good announcements coming the way of Shiba Inu this month. Earlier this month on November 15th, popular crypto exchange Gemini announced that it will be adding support for Shiba Inu (SHIB) on its platform.
The listing for Shiba Inu (SHIB) happened on Gemini along with other notable cryptocurrencies like the USDC stablecoin. However, just before the listing on Gemini, SHIB’s price surged to an all-time high of $0.00008616 on October 28, 2021.
But before arriving on Gemini, Shiba Inu had already made its way to Coinbase in the month of September. Following this, there’s been a massive liquidity inflow in the dog cryptocurrency.
Another big milestone for Shiba Inu recently has been overtaking its arch-rival Dogecoin (DOGE) on two occasions even though for a very short period of time.
Retail Interest in Shiba Inu (SHIB) Dwindling Down?
Amid the broader market correction over the last week, Shiba Inu (SHIB) has also experienced strong volatility recently. From its all-time high on October 28, the SHIB price has also come crashing down by more than 60%.
This clearly suggests that there’s been heavy profit-booking among SHIB traders. Besides, there also has been a substantial drop in SHIB’s benchmark instrument for the SHIB/USDT volume on Binance. Just over the last five days, Shiba Inu (SHIB) investors have lost nearly $7 billion as the cryptocurrency’s market cap crashes from $28.31 billion to $21.7 billion.
Also, Google’s keyword search data also shows a declining interest for Shiba Inu. Independent crypto analyst Alex Kruger said that the decline in Google Trends for Shiba Inu clearly shows that the token has been topping out and it is the beginning of the bear cycle.
Yesterday’s reversal of the SHIB from its declining price trend might bring some hope for investors. It will be interesting to see if SHIB can continue with the uptrend once again.