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SHIB Sets All-time High by Number of Holders as Shiba Inu Reconquers Its Position

Fri, 10/28/2022 - 14:40
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Gamza Khanzadaev
SHIB sets another all-time high as Shiba Inu reconquers its place in market cap top
SHIB Sets All-time High by Number of Holders as Shiba Inu Reconquers Its Position
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In a week that saw a 9% and more increase in the price of SHIB, the number of cryptocurrency holders surged by 6,000 new wallets. Thanks to the massive arrival of new holders, the total has reached a new all-time high and is only a couple hundred accounts away from the 2.22 million mark, according to CryptEye.

In total, the number of wallets to which a SHIB token has been purchased or transferred at least once in the last three months has increased by 150,000. The most striking period was from mid- to late-September, when the number of SHIB holders increased by 87,000 wallets.

While the number of SHIB holders is growing, this does not mean an increase in quotations. A clear example is the significant reduction in SHIB positions by large Ethereum holders. For example, while, a week ago, the top 100 ETH whales held more than $120 million in Shiba Inu, by now their position in dollar equivalent has shrunk by almost $40 million.

1.3 Trillion SHIB Moved in 858 and 420 Billion Lumps, Here's What's Happening

SHIB strikes back

Another achievement for SHIB today was the return of the token to 14th place in CoinMarketCap's ranking of the largest cryptocurrencies by market capitalization. Shiba Inu has been losing its customary place regularly in the last weeks, but a price hike in recent days has driven the project's capitalization back above $6 billion. If the positive price action of SHIB continues, the project will certainly move up the ranks to where the stablecoin DAI currently sits.

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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.