The popular memecoin project Shiba Inu has reached a massive milestone of over one million token holders.
Despite the recent turbulence and decline in demand in comparison to just a few months ago, Shiba Inu’s user base has grown to one million wallets. Shortly after the team outlined the news, the native token surged by double digits, but it has retraced once more.
Aside from NFTs and DeFi, 2021 will go down in history as the year of the memecoin with the massive popularity and price surge of Dogecoin and the subsequent emergence of countless copycats.
One of those copycats, which actually saw the light of day last year, actually managed to steal the spotlight in Q3 – Shiba Inu.
The self-proclaimed DOGE killer skyrocketed in price and charted an all-time high of $0.000086, which made it the most successful investment of the year with an ROI of 100,000,000%.
At one point, it even surpassed Dogecoin in terms of market capitalization, and all of this undoubtedly attracted new users coming with the promise of quick gains.
The adoption curve intensified in the following few months and the project updated yesterday of reaching a massive milestone – one million SHIB holders.
While this is a long way away from arguably the most adopted and popular cryptocurrency – Bitcoin – with its nearly 39 million active addresses, it’s still a substantial achievement, given the fact that very few people had heard of Shiba Inu (not the dog) a year ago today.
Shortly after the team announced the news on Twitter, the price of SHIB surged from a daily low of $0.000039 to a high of $0.000048. Nevertheless, the token, similarly to most of the market now, has retraced and currently sits around $0.00004.
This one million milestone comes at an intriguing time, in which the demand for the memecoin seems to be fading. As reported earlier this week, the number of Google searches has slumped as the price is more than 50% down from the ATH charted last month.