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Shiba Inu Addresses Surge 100% as SHIB Price Skyrockets

Tue, 02/08/2022 - 13:12
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Tomiwabold Olajide
Shiba Inu addresses spike 100% as SHIB price explodes
Shiba Inu Addresses Surge 100% as SHIB Price Skyrockets
Cover image via stock.adobe.com

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IntoTheBlock analytics reports that Shiba Inu addresses that have held onto their tokens for 1-12 months have nearly doubled since Nov. 1. The on-chain analytics firm indicates that this might demonstrate the strong conviction of SHIB holders, noting that this category of addresses has increased from 533,180 on Nov. 1 to 1.05 million as of Feb. 7.

Shiba Inu's price steadily declined from November 2021 to late January after reaching a record peak of $0.000088 in October 2021.

Presently, Shiba Inu is leading meme coins higher in the ongoing market rally, surging to highs of $0.0000354 on Feb. 8. SHIB's price resumed an upward rise on Feb. 3 after touching lows at $0.00020 and has surged nearly 77% since then. Presently, SHIB trades at $0.0000325, up 18.54% in the last 24 hours, and it ranks 13th largest cryptocurrency, according to CoinMarketCap data.

IntoTheBlock
Shiba Inu On-Chain Signals, Source: IntoTheBlock

According to the IntoTheBlock's holder composition by time held, 94% of SHIB holders have clung onto their tokens in the last 1-12 months, while 6% have held onto their tokens for less than a month. A greater chunk of SHIB holders being mid-term holders might suggest that SHIB may have been seeing buying pressure from this class.

Shiba Inu seeks to expand globally

Welly's, a Shiba Inu-themed fast food restaurant located in Naples, Italy, is intending to expand globally, according to a recent tweet. It claims that it has received "hundreds" of requests to open more franchises over the past week.

Recent on-chain data provided by WhaleStats blockchain service shows that a new Shiba Inu whale has emerged, holding a staggering amount of SHIB. As a result of two transactions performed several hours ago, a new whale wallet has emerged in the Shiba Inu community.

This wallet now holds a whopping 3,457,477,154,937 SHIB tokens worth $115,998,358. Besides, SHIB has reclaimed the top spot from FTX as the largest token holding among whales.

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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.