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SHIB Has Added 250,000 More Users Despite Crypto Winter

Tue, 12/06/2022 - 12:56
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Tomiwabold Olajide
SHIB was down 4.13% at $0.0000093
SHIB Has Added 250,000 More Users Despite Crypto Winter
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Shiba Inu has added over 250,000 new holders in what has been a difficult year for cryptocurrencies, characterized by failures in the market and falling values.

Digital currencies are underperforming due to the Fed's tightening monetary policy and a series of major industry firms going bankrupt, including Terra, Celsius and FTX.

Shiba Inu, in late November of last year, reached the one-million-holder milestone for the first time. This comes shortly after it soared thousands of percent to all-time highs of $0.000088 in late October 2021. SHIB was a big winner in 2021, rising by millions of percent.

According to WhaleStats, there are currently 1,257,121 Shiba Inu owners. This number was considerably higher in past weeks, sometimes reaching the 1.274 million mark. Therefore, on average, SHIB could be said to have added over 250,000 holders in the last 12 months.

While users might have been impressed by its astounding rally in 2021 and decided to come onboard, the same could not be said in 2022.

At the time of publication, SHIB was down 4.13% at $0.0000093. At this current price, SHIB is down nearly 90% from its all-time high. The motivation for new Shiba Inu holders becomes quite interesting at this point.

56% of SHIB holders are in it for long-term reasons

A dynamic shift is seen in its holders' composition. Based on the length of time SHIB holders have held their tokens, a bigger chunk of SHIB owners, which is 56%, have held for more than a year.

SHIB came into existence two years ago, in precisely August 2020. This implies that these owners got onboard as SHIB gained traction and have held onto their tokens since then.

Despite the significant price decrease seen for the SHIB token and cryptocurrencies across the board, 2022 has produced numerous achievements for the Shiba Inu ecosystem.

From the SHIB metaverse to the Shiba Inu burn portal to the Welly's fast food integration and numerous "partnershibs," including those of John Richmond and inclusive of SHIB listings on exchanges, the list remains long. However, the truth remains that market conditions might be somewhat disconnected from reality on the ground.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.

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