The Shiba Inu (SHIB) has recorded a 2022 that continues its existence with a turbulent price action. This came with a broader decline in the crypto market. Despite the bad market conditions, the SHIB development team was able to bring more benefits to the asset. Thus, the token attracted more owners. According to the latest data, the number of users holding Meme coin has increased by 109,033 this year. The price of the meme coin rose after the increase in the number of owners was revealed.
Number of addresses holding Shiba Inu rises despite falling price
The increase in the address count of SHIB has occurred despite the waning interest in meme coins. The drop in popularity of the token was even revealed on Google Trends. The data revealed that global searches for the keyword “Shiba Inu” in the past year have dropped this year. Accordingly, Google searches saw the bottom of the last year in July. However, despite the waning interest, the SHIB team continued to develop the project. These improvements were aimed at making the asset find use in a wider area.
Chief among these improvements was making the token more applicable in the DeFi space. However, the SHIB burnings that continued throughout 2022 also took an important place. These burns aim to ensure price stability by minimizing the token supply. Over 410 trillion Shiba Inu have been burned so far. These cryptocurrencies are no longer in circulation.
SHIB ecosystem continues to evolve
At the same time, the platform entered the gaming industry by taking advantage of the NFT field in 2022. cryptocoin.com As we have reported, Shiba Inu has launched its NFT collection, SHIBOSHI. These NFTs allow owners to actively participate in VR gaming as well as NFT printing, trading and digital land acquisition. The concept is gaining more and more attention as power from society grows.
In addition, the emergence of SHIB among relatively inexpensive assets also contributes to the increase in the number of owners. Its low price is causing investors to abandon established digital currencies like Bitcoin (BTC) for the meme coin. New data, for example, shows Indian investors are hoping SHIB will rekindle the 2021 momentum. These investors are investing more and more in the Shiba Inu project.
Shiba Inu price skyrocketed
Shiba Inu price has seen huge gains in the last 24 hours in light of these developments. The rise of the cryptocurrency came at a time when other differentials were falling or making small gains. The meme token, which fell 9.5% in the first half of the day, started to rise in the second half of the day. Accordingly, the SHIB price surged more than 16% on the day to reach $0.00001037. Following this rise, the meme coin rose to 13th place by market cap. Thus, it reclaimed the 13th place it had given to Tron (TRX) in the past.
