Main navigation

Number of SHIB Holders Changing in Unexpected Way

Thu, 12/01/2022 - 12:13
article image
Gamza Khanzadaev
SHIB holders' amount changes in dramatic way, but it may be blessing in disguise
Number of SHIB Holders Changing in Unexpected Way
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

According to Etherscan, the number of holders of SHIB, the token of the Shiba Inu ecosystem, has fallen significantly over the past eight days. From a recent peak of 1.28 million on Nov. 23, the number of SHIB holders had fallen to 1.25 million by the first day of winter. So, 30,000 addresses, or 2.3% of the total maximum number, have completely removed the Shiba Inu token from their balances.

The statistics are also consistent with the behavior of large investors. As previously reported by U.Today, Ethereum whales have been actively reducing the share of Shiba Inu tokens in their holdings, bringing their number to 8.03 trillion coins, which is now equivalent to $74.47 million.

In comparison, back in the summer, the number of SHIB in the wallets of this group of investors exceeded the amount of $500 million at almost the same price of the asset itself.

"Hell of a Number" of SHIB Tokens Burned in November: Details

Has the price of SHIB hit bottom?

What is interesting is that the price has not reacted negatively in any way to the rather tangible decline in holdings, which implies a similar scale sell-off in SHIB. Moreover, during the period under review, the asset's quotations showed a modest increase of almost 2%.

Source: TradingView

Such dynamics may once again signal that the SHIB price has arrived or is near its bottom. Nevertheless, even so, the accumulation here can go on for a long time.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.