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Shiba Inu (SHIB) continues to battle bearish pressures in the cryptocurrency market as the meme coin faces volatility. Amid these developments, Lucie, the marketing lead of the SHIB ecosystem, has dropped insights into the asset’s appeal factors.
Exchanges and wallet distribution boosting SHIB's credibility
In a post shared with the community on X, Lucie highlighted that the distribution of Shiba Inu is not centralized in a few individuals. Rather, it is spread across several major exchanges and people.
According to Lucie, major wallets on Binance, Robinhood, Crypto.com, among others, have trillions of SHIB in their custody.
These SHIB tokens are held on behalf of the millions of users invested in the Shiba Inu project. The volume of SHIB held in the wallets of these exchanges represents the top 10 holders’ count.
Besides these wallets on exchanges, individuals also have a sizable number of SHIB in their custody. The SHIB marketing executive noted that over 1.5 million individual wallets are hosted on Ethereum alone. This suggests the massive spread of ownership distribution.
In terms of geographic spread, Shiba Inu is highly concentrated in the United States of America, India, Turkey and East Asia. Other regions include Europe, Latin America, Africa and Southeast Asia.
She noted that this decentralized nature of SHIB holders could serve to enhance security and prevent price volatility from a few controlling owners.
Market performance and "Sparktember" outlook
As of this writing, the Shiba Inu price was changing hands at $0.00001243, representing a 1.18% increase in the last 24 hours.
However, investors remain cautious of the bearish outlook of the meme coin, resulting in a 17.5% decline in trading volume to $180.3 million within the same time frame.
Despite this outlook, there is growing optimism among some community members that September will be bullish. They expect the month to trigger utility and new launches for SHIB and have dubbed it "Sparktember."
How the dog-themed meme coin performs will be revealed with the passing of time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team