More Millionaire Shiba Inu Owners Are Emerging, Data Shows

More Shiba Inu millionaire holders seem to be emerging, according to data from IntoTheBlock. The Holdings Distribution Matrix indicator, which shows a breakdown of different groups of addresses according to the balance that they hold, indicates that over 497,000, or 42.58% of total addresses, own in the range of 1 to 10 million SHIB.

This group represents the largest category among holders, with those owning 10-100 million SHIB (26.36%) and those holding 0-1 million SHIB (23.15%) following closely.

Cumulatively, Shiba Inu addresses holding 1 million to 100 million SHIB make up 68.94% of the total holder count, or 805,210 addresses.

According to WhaleStats, the Shiba Inu holder count is given as 1,208,838. This suggests the impact of these Shiba Inu millionaire holders on the market.

IntoTheBlock's Addresses by Holdings indicator is utilized to understand how bigger or smaller holders of each cryptocurrency are acting over time by increasing or decreasing their balances. Using this, addresses holding between 100 billion and 1 trillion Shiba Inu tokens have increased their balance by 3.48%. Meanwhile, addresses holding 0 to 1 million SHIB and those holding 100 million to 1 billion SHIB have demonstrated count increases of 2.20% and 2.37% in the last 30 days.

Large Shiba Inu holder transaction activity reaches monthly highs

In the last 24 hours, WhaleStats' Shiba Inu transaction chart of the top 100 holders saw the highest transfer amount (54,859,350) recorded since early July, with transfer counts numbering 111, which is the highest in more than a month.

Shiba Inu was a top gainer in the market on Aug. 14, rallying nearly 40% from its lows of $0.0000126. Although the price action seems to have cooled down, SHIB is down 8.42% in the last 24 hours at $0.0000148. The meme cryptocurrency, however, remains up 18.51% on the weekly, outperforming the top 20.

On-chain analytics firm Santiment noted a run-up in whale activity leading to Shiba Inu's latest price rise: "Shiba Inu has been on the move this weekend, and is up +34% in the past 24 hours while #crypto has been fairly flat. Not so coincidentally, whales have been very active on $SHIB. There have been 433 transactions valued at $100k+, the most in 4 months."