The Shiba Inu is taking a definite plunge with trades dropping to their lowest level in 15 months

As the cryptocurrency market struggles to recover amid a bearish slump that has affected most of its assets, meme currency Shiba Inu (SHIB) has seen a decline in trades as its popularity begins to dip. crumble.

In June, the total number of SHIB transactions stood at 157,889, the lowest value in the last 15 months, as shown by data extracted on July 4 from blockchain analysis site bloxy.info.

The decline in transactions aligns with the steady downward trend that the SHIB token has recorded over the past few months. Specifically, the number of transactions in May stood at 209,702, which means that the month of June saw a 24.7% drop in transactions.

Moreover, between January 2022 and June 2022, transactions decreased by more than 44%. In the last 15 months, the highest transaction amount was recorded in October 2021, where it exceeded 1.38 million.

This peak in transactions was recorded during one of the biggest rises in cryptocurrencies, which resulted in bitcoin (BTC) reaching an all-time high of nearly $68,000 in November 2021. Since then, its transactions are falling, and most SHIB token holders are losing money.

Signs of hope?

That said, Shiba Inu briefly showed signs of strength at the end of June, when the coin found itself at the top of the top 100 cryptocurrencies in terms of daily gains, thanks to a rise of 3.73 % compared to the previous day.

In May, the digital asset had attracted more than 30,000 investors in a month, and the number of holders as of July 3 was 1,192,584, meaning Shiba Inu has seen slow increases since dropping to 1,174,956 on June 4.

SHIB is trading at $0.0000102, managing to rise 3.10% in the past 24 hours, but still registering a decline of 7.25% in the previous seven days, according to data from Coingecko.

SHIB’s Lead Developer Might Make a Big Announcement

Additionally, lead Shiba Inu developer Shytoshi Kusama tweeted on July 3 : “Today I write. Tomorrow I will have a LOT to say #Shibarmy“.

Ultimately, there are always high hopes for new initiatives and new projects from SHIB, and any positive statements made by Kusama could have some effect on the price.

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