Even though Shiba Inu (SHIB) meme crypto is struggling with volatility, the token is reversing its downward trend and gaining steam, according to a report by Finbold on Monday.
- The meme token is now trading at $0.00002752, jumping 22.97% in the last 24 hours and a total of 33.78% across the last one week.
- The sharp price increase led to the expansion in SHIB’s market capitalization by nearly $3.5B in the prior week, rising from 11.43B in February to $14.99B Monday, February 7.
- Earlier in February, Finbold disclosed that SHIB lost 4,223 holding addresses, reducing the total number of holding addresses to 1,161,661. The collapse brought SHIB’s nearly three-month new holder gaining trend to a halt, which started in November.
- In January, the number of SHIB on-chain transactions dropped by over 40%, marking the token’s fourth straight month of decline.
Even though SHIB’s performance has led to a loss for most crypto traders, the team responsible for the token was keen on boosting the token’s intrinsic value by introducing multiple use cases in January. SHIB USD down -0.95%