Shiba Inu (SHIB) Google Trend search interest has witnessed an increase this month as investors demonstrate renewed optimism in the memecoin ecosystem.

Per the Google Search data, the popularity of the “Shiba Inu” phrase comes in at 48 over a 7-day period, a figure slightly below the average of 50. While Shiba Inu’s popularity is down from the peak of 100 recorded on March 16, it is still higher than the interest shown as of January 1.

Besides the search for Shiba Inu, searches ranging from “Why is Shiba Inu going up” to “Shiba Inu All-Time High” have also gained significant traction in recent times.

Shiba Inu Geographical Interest Boost

Though there is a global appeal for Shiba Inu, some countries are significantly influencing the search trends in higher measure.

Google Trends data shows that 10 countries emerged on the radar in boosting the Shiba Inu sentiment over the past 3 months. These countries include Pakistan, The Netherlands, Slovenia, the United States, Singapore, Belgium, Canada, Switzerland, Germany and Nigeria.

Shuffling the timeline to the past 7 days, the trends show the Netherlands, Pakistan, Slovenia, Canada, and Nigeria responsible for the Shiba Inu search boom.

Beating Its Personal Best

The growth Shiba Inu printed this month is a feat it has not recorded in more than 2 years. The price of the token has surged by more than 184% over the past month, breaching a 2-year high of $0.00004534 within that time span.

With the rally in price and volume recorded, speculations mounted that it might retest its All-Time High (ATH) price above $0.000088. However, it has since suffered a correction. Amid its bullish rally this March, Shiba Inu climbed in ranking to the 10th spot, displacing Avalanche (AVAX) in the process.

The enthusiasm within the Shiba Inu ecosystem to push the price to the 1 cent level remains high, while current projections highlight a multi-year timeline to achieve this feat. Meanwhile, Shiba Inu ecosystem developers aim to transform Shibarium, the project’s Layer-2 scaling solution, into a thriving smart contract hub that can boost demand.

Investors who currently hold 100 million or 500 million Shiba Inu (SHIB) tokens are likely to rake in massive returns if the cryptocurrency erases another zero to reach the $0.000256 mark.

Data from the crypto analytics platform IntoTheBlock (ITB) shows that 841,770 addresses, or 63.08% of the total SHIB wallets, are in profit. The recent uptick in Shiba Inu’s price has shown promise of a potentially higher level in the long run. Should Shiba Inu hit a price of $0.000256 in the long term, 100% of current holders will be in profit.

This article estimates how much money addresses with 100 million and 500 million SHIB will record at this $0.000256 price mark.

Million Dollar SHIB Return in the Making

While Shiba Inu’s price collapse below the $0.000030 threshold has rightly triggered concerns among investors, some market participants see the downturn as an opportunity to procure the token at discounted prices.

Notably, an investor can acquire 100 million Shiba Inu tokens for approximately $2,699 at the current price of $0.00002699 per SHIB. Similarly, a 500 million SHIB holdings is worth $13,495 at current prices.

Shiba Inu would need to record a growth of 848% to secure a price jump to the $0.000256 price. At this price level, the 100 million Shiba Inu portfolio will skyrocket in worth to $25,600, while the 500 million SHIB holdings will spike to $128,000. This increase represents an equal 848% growth rate.

While Shiba Inu is historically known to create millionaires, SHIB holders with relatively smaller holdings can also still rake in significant profit in the long term.

Timeline for Shiba Inu to Hit the $0.000256

Shiba Inu is still far from the $0.000256 target. Substantially, the token is still about 69.63% below its previous All-Time High (ATH) of $0.00008845. Moreover, should Shiba Inu reclaim the $0.00008845 ATH, it would need to appreciate by another 189% to reach the coveted $0.000256 level.

In projecting the possible timeline for SHIB to retest the $0.000256 target, data from Changelly projects that the cryptocurrency could achieve the feat in September 2029. Changelly analysts expect Shiba Inu to first reach the $0.0002 threshold in June 2029.

Meanwhile, OpenAI’s Artificial Intelligence (AI) chatbot ChatGPT shows more ambition, predicting that the dog-themed token could hit this milestone in 6 to 9 months.

Shiba Inu addresses holding at least $1 million worth of the asset have increased in number to 1,319 despite the drop to $0.00002740.

The broader cryptocurrency market has witnessed a pause in the ongoing bull run, with prices facing consolidation following a widespread collapse. Shiba Inu’s price movements have aligned with market dynamics, as the asset continues to trade between $0.000023 and $0.000028.

SHIB’s consolidation follows the massive slump from the $0.000045 high on March 5. However, despite the asset trading at a current price of $0.00002740, marking a 39% from the recent peak, Shiba Inu addresses worth at least $1 million have increased over the past year.

Shiba Inu Addresses Holding at Least $1M

Data from IntoTheBlock (ITB) shows that addresses holding between $1 million and $10 million have actually dropped to 1,110 since June 2023, when The Crypto Basic last spotlighted this metric. This drop comes despite SHIB recording a 246% rise in its value from June 2023.

These addresses stood at 1,115 as of June 2023. At the time, a wallet needed to hold 126 billion SHIB to be worth $1 million. Now, any address holding just 36.49 billion has made it to the $1 million club. The decline in these addresses despite the price increase is likely due to investors reducing their balances amid profit-taking trades.

Conversely, the number of addresses holding SHIB worth more than $10 million has increased since June 2023. These addresses totaled 57 at the time of the previous report, but have surged to 209 as of press time. This marks a 266% rise in less than a year.

The figure brings the number of addresses holding $1 million worth of SHIB or more to a cumulative total of 1,319. All these addresses collectively hold $24.61 billion in Shiba Inu, representing a sizable amount. However, it bears mentioning that ITB data also accounts for the dead address, which contains the tokens burned out of supply.

Long-Term Holders Show Resilience

Meanwhile, further data confirms that long-term holders have continued to retain their holdings despite the current market uncertainty. According to ITB, addresses that have held Shiba Inu for more than a year have surged in recent times, while those holding between a month and 12 months have reduced.

Shiba Inu currently trades for $0.00002740, down 2% over the past 24 hours. Despite a 22% in trade volume within this timeframe, the crypto asset’s volume remains above $1 billion, currently sitting at $1.096 billion. SHIB also commands an Open Interest (OI) of $81.7 million.

Leading crypto intelligence platform IntoTheBlock provides an insight into the widespread accumulation of Shiba Inu (SHIB) over the past month.

According to data shared by IntoTheBlock’s pseudonymous content creator “Slim Daddy,” short-term investors boosted their Shiba Inu holdings by adding 64 trillion SHIB tokens in the past 30 days.

In the past 30 days, short-term Shiba Inu owners have increased their holdings by a staggering 64 trillion $SHIB.

According to insights from @intotheblock utilizing the Balance by Time Held metric, Shiba Inu traders with holdings spanning less than a month have seen a… pic.twitter.com/LGtwHkRo6T

— Slim Daddy◻️𓃵 ₿ (@felixreads) March 22, 2024

With a unit of Shiba Inu changing hands at $0.00002714, the 64 trillion SHIB tokens were valued at $1.73 billion at press time.

SHIB Price Plunge as Short-Term Traders Sell  

The short-term investors referred to in the tweet include addresses that have held Shiba Inu for less than a month.

According to IntoTheBlock, these addresses have skyrocketed by 278% in the past 30 days. The tremendous spike in addresses within this category reflects a growing interest among short-term traders in making quick gains through Shiba Inu.

Recall that Shiba Inu’s price spiked tremendously earlier this month. Notably, SHIB’s price surged to around $0.000045 on March 5, prompting many short-term investors to sell their tokens for a profit.

The massive sell-off caused SHIB’s price to plummet to $0.00002400, representing a decline of 46.67% from its peak price on March 5.

Long-Term Holders Reduce Exposure to Shiba Inu

While short-term investors boosted their SHIB holdings by 278% within a month, the same cannot be said for long-term holders. These investors involve addresses holding Shiba Inu tokens for over a year.

Per Slim Daddy, these long-term investors reduced their Shiba Inu holdings by 9.07% over the past 30 days. The move suggests that some long-term investors took profit when the price of Shiba Inu spiked to around $0.000045.

Team Sees SHIB Reaching New ATH Before Bitcoin Halving

At the time of writing, SHIB was changing hands at $0.00002717, up 187% over the past month. However, the canine-themed token has witnessed a price decline of 22.8% in two weeks and 7% in the past seven days.

Although SHIB has lost most of its recent gains, Shiba Inu’s marketing lead, Lucie, expects the token to surpass its all-time high (ATH) before the next Bitcoin Halving, which is slated to occur by April 20, 2024.

Recall that Shiba Inu’s ATH of $0.00008845 was set on October 28, 2021. For Lucie’s expectation to come true, Shiba Inu must rally at least 225% from its current price within the next 28 days.