The first half of 2022 has been brutal for most cryptocurrencies, as the crypto price crash wiped billions of dollars off their value and spooked investors about the future of the entire market. Popular meme coins like Dogecoin and Shiba Inu, which add a layer of risk, have seen both their values and the number of investors drop this year.
According to data presented by Crypto Presales, the number of Shiba Inu (SHIB) active addresses has plunged by 85% year-over-year, falling to just over 113,000 in October.
The Number of SHIB Active Addresses Down by 600,000 in a Year
At the peak of its bull rally, Shiba Inu`s active user count had grown quickly, with its holder base rising above 1 million. However, according to Glassnode data, investors are no longer as interested in Shiba Inu as they used to be.
The meme coin has not only seen a severe price drop this year, but its active user count has also fallen drastically.
In October 2021, SHIB active addresses jumped to an all-time high of 756,000. However, in January, the active user count stood at 179,800, showing a massive 76% drop in just three months. After rising to 236,600 in March, SHIB active addresses continued falling before reaching the deepest point of 84,151 in June, as more investors took a step back from the market during uncertain times.
Although Shiba Inu`s active user count now sits at 113,360, that is still 600,000 less than in the same month a year ago.
Statistics show the same case in the number of new addresses created for the meme coin. In October last year, there were 536,700 new SHIB addresses, 90% more than 52,500 registered this month.
Shiba Inu`s Market Cap Plunged by 86% Year-over-Year
SHIB was traded at $0.0000099 last week and is currently the 15th largest cryptocurrency in the crypto space. However, the popular meme coin is having a tough time this year, losing 87% of its all-time high value so far.
Shiba Inu’s price soared in October last year to a peak market cap of $41bn, earning a spot as one of the most-promising meme coins. However, it dropped more than 35% the following month before falling to $19.2bn in December. It seems to be a downward spiral from there, as the SHIB market cap stood at $5.47bn last week, 86% less than in the same month a year ago.