SHIB number of transactions drop to a 12-month low as on-chain activity diminishes

Despite Shiba Inu’s (SHIB) listing on commission-free investment platform Robinhood last month, the latest data shows that the dog meme token has hit the lowest transaction volume in over a year.

Over $1 billion streamed into the digital asset in less than an hour as crypto traders were eager to buy Shiba Inu Coin after the revelation of the long-awaited listing on Robinhood.

However, the DeFi meme token, which had recorded transactions falling almost 70% in Q1, 2022 from the previous quarter, experienced the greatest drop in transactions since March 2021 despite listing in the same month.

Data acquired by Finbold reveals that the total number of SHIB transactions in April 2022 was 216, 260 falling from 329,893 in March, and marking the greatest drop since March 2021, when the total transaction count was 37,369, according to statistics from blockchain analytics website bloxy.info.

SHIB interest diminishes

Notably, in October 2021, the total number of SHIB transactions reached an all-time high of 1,389,603, which indicates that the scenario as of April is strikingly different especially given one of the biggest moments for the meme coin.

Whatsmore, in the last month, Shiba Inu has been facing competition from fellow meme coin competitors; ApeCoin reached an all-time high in April while as Elon Musk was still trying to reach a deal over the proposed Twitter takeover, Dogecoin added $2 billion to its market capitalization in only one hour, growing from $16.56 billion to $18.64 billion and climbing as high as $23 billion as hype continued to grow.

Although recent data shows that Shiba Inu still ranks the fourth most searched cryptocurrency in the United States in states including New York, Texas, California, and Nevada, the number of holders also continues to decline; the latest on-chain data may suggest that a shift may well be taking place, especially in a volatile crypto market many investors may be considering SHIB has had its big pump and will be looking elsewhere for the next coin.

Although the price of SHIB is currently trading at $0.00002077, down 0.44% in the last 24 hours and 12.36% over the previous week, the crypto community at CoinMarketCap, which has an accuracy rate of 70% historically, is still bullish on the asset in its May 31, 2022 price prediction.