With the recent price increase, Shiba Inu records a rise in the number of new owners

Shiba Inu (SHIB), the dog meme coin, has experienced a rise in the number of new investors following the recent inflow of funds.

SHIB holders had been growing over the previous three months, peaking at approximately 1.216 million unique addresses as of July 31, before the digital asset collapsed in a two-day period, losing 16,000 holders.

Finbold figures acquired from CoinMarketCap reveal that following the August 2 collapse, the total number of distinct SHIB addresses that hold assets on the network has expanded concurrently with the number of SHIB holders to 1.208 million as of August 17.

Retail investors seem to have made a comeback.

In fact, on August 14, SHIB’s market cap climbed by $1.5 billion in just 24 hours, which seems to have increased the number of holders as regular traders started investing in the digital asset again.

It’s interesting to note that according to data from Google Trends, in July of last year, worldwide searches for the term “Shiba Inu” reached their lowest level in over a year.

With that in mind, Alpha Impact’s CEO, Hayden Hughes, said the following on August 16:

“Dogecoin and Shiba Inu have both broken out over the weekend, clear evidence that the retail investor is back.”

SHIB showed signs of recovery beginning in July, which coincided with market advancements as a whole, which have been moving higher in recent weeks. This came after a rocky start to 2022 for SHIB.

As it prepares for its Merge upgrade, Shiba Inu is attracting more capital and gaining traction in the cryptocurrency community. On August 15, the decentralized finance (DeFi) token appeared as the most-trending cryptocurrency, leading the 24-hour chart. As of August 17, it ranks as the second-most-trending cryptocurrency, trailing Ethereum (ETH).

Price analysis for SHIB

SHIB is now trading at $0.00001601, up 0.79% over the previous 24 hours and 29.01% for the previous week.

The dog coin’s market capitalization is currently $8.8, up $2.2 billion from the previous week.