Shiba Inu token became one of the largest meme coin projects last year. However, the stars for the token future are not saying a very positive premonition. Since the start of the current year, the investment interest for the meme coin has continued to deplete despite all the affiliations and market engagement.
The online community that identifies as Shib Army has also lost its vigour recently. The token first rose to prominence after the Dogecoin mania took the cryptocurrency markets by storm. According to the data from CoinMarketCap, around 55K investors have dissolved their SHIB reserves in just consequent ten days.
The trading activity tracker on CoinMarketCap indicates that till March 17th, the meme coin positions were in a state of slow but consistent increase. However, on March 25th, a massive decline of 54k plus digital wallet positions was recorded for the SHIB token holders. On a monthly basis, the amount of new accumulations for SHIB tokens has been decreasing.
As noted by the CoinMarketCap histogram for the last four months, the total number of new accumulators has been decreasing since last year. The on-chain metrics postulate that between January and February this year, the meme coin position losses were measured at 9.27%.
A New Meme Coin has Started to Gain Attention
The day that Shiba Inu wallet addresses showed a massive downfall was the same day that another meme coin sensation hit the cryptocurrency markets. The new coin that some have also dubbed a shit coin is the native token of the Bored Ape Yacht NFT collection called Ape Coin.
In an unexpected turn of events, the meme coin gained $40 within a few hours, backed by a speculation trail. However, the token soon plunged back to $8.50. Despite the visible volatility and risk factor, Ape Coin managed to attract the attention of many investors who want to make a quick buck. Google data indicates that for the current month, Buy Shib Coin searches have dropped to only 3 in the current month.