Dogecoin And Shiba Inu Data: Is Waning Interest Leading To Decline In Number Of Hodlers?

Dogecoin DOGE/USD and Ethereum ETH/USD-based token Shiba Inu (SHIB) have their own legions, but recent data indicates that waning interest in the two meme cryptocurrencies is paralleled by a decline in the number of holders.

What Happened: Data from CoinMarketCap indicates that on March 1, the number of addresses that held DOGE stood at 4,871,128. On March 14, this fell by 13.3% to 4,221,710. 

Total Addresses Holding Dogecoin Over Last 30 Days — Courtesy CoinMarketCap

Similarly, a decline of 3.8% was noted in the number of addresses holding SHIB between March 1 and March 22. On March 1, the number of addresses holding SHIB stood at 1,194,325, while on March 22 the number was 1,148,717.

Total Addresses Holding Shiba Inu Over Last 30 Days — Courtesy CoinMarketCap
See Also: How To Buy Dogecoin (DOGE)

Why It Matters: The decrease in the number of DOGE holders has also mirrored a decline in “interest over time” as noted by Google Trends. 

The search engine’s trend data assign a figure of 0 to 100 on a chart to measure interest. While a value of 100 reflects peak popularity, 50 means that a term is half as popular. 0 indicates the lack of data for the term.

While DOGE enjoyed a value of 100 on Feb. 24, 2022, the interest had moderated to 60 by Mar. 20, 2022.

Dogecoin Interest Over Time — Courtesy Google Trends

On the SHIB side, 100 was reached on March 1, 2022, while a steep decline to 66 happened by March 18. Interest in SHIB ticked up to 90 by March 20, 2022. 

Shiba Inu Interest Over Time — Courtesy Google Trends

From the beginning of the month until early Wednesday press time, DOGE prices have fallen 9% from 0.134 to $0.122. In the same period, SHIB has dropped 14.04% to $0.0000233 from $0.0000271.

On Monday, Amsterdam-based cryptocurrency trader Michaël van de Poppe said that investors would want to buy DOGE between these levels. 

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