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Shiba Inu Crypto Token Use Rising Recently Despite Stagnant Price
Upstart cryptocurrency SHIB continues to be popular among users despite declining in price
Following a surge to all-time highs, Shiba Inu (SHIB) has seen its price fall by about 60% in the past couple of months. Although its price action has struggled lately, new data shows that its utility is continuing to thrive.
Francisco Memoria of Cryptoglobe.com reported December 20th that SHIB has become the third most used token on the powerful Ethereum network over the past seven days. The only assets to be used more frequently in that period were both stablecoins, USDT and USDC.
According to Finbold, data from Etherscan also released on December 20th, SHIB has 78,089 unique users on the Ethereum network. While this lags well behind USDT’s 485,935 and USDC’s 232,311, it is nevertheless an impressive third given the many other powerful options held by crypto users.
Additionally, users on Ethereum that own SHIB appear to be holding. The Etherscan data as of November showed there was currently 1.075 million holders, including a number of whales such as the one who recently added more than 1.6 trillion SHIB to their wallet.
