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Shiba Inu Overtakes MATIC in Market Cap as Number of SHIB Holders Keeps Growing

Mon, 01/24/2022 - 11:16
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Tomiwabold Olajide
Shiba Inu surpasses MATIC in market cap as SHIB holder count continues to rise
Shiba Inu Overtakes MATIC in Market Cap as Number of SHIB Holders Keeps Growing
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According to CoinMarketCap data, Shiba Inu continues to hold onto its position as 14th largest cryptocurrency by market capitalization. At a present market valuation of $11.33 billion, Shiba Inu has surpassed Polygon's $10.36 billion to be the 14th biggest coin. 

CoinMarketCap Data
Source: CoinMarketCap Data

Meanwhile, Shiba Inu's holder count continues to grow despite the recent price drop. According to WhaleStats, the SHIB holder count has grown to reach new record highs of 1,155,141, as reported by WhaleStats.

The recent increment suggests a growing community, a healthy sign. Although the growth in holders might not necessarily impact the price in the near term, it may signify interest in a token over time. The canine cryptocurrency is currently trading at $0.000019, down 14.83% in the last 24 hours according to CoinMarketCap data.

The recent drop in price seems not to deter Shiba Inu's large investors from accumulating. As the SHIB price plunged to lows of $0.000017 on Jan. 22, an Ethereum whale ranked 27th on WhaleStats purchased 52,797,208,383 Shiba Inu tokens, or $1,012,122 worth.

MATIC, the native asset of the Polygon blockchain, is trading down 17.66% at a present price of $1.35 as volatility continues on the crypto market. The cryptocurrency market succumbed to further selling pressure on Jan. 24 as Bitcoin dipped to lows of $33,438. The majority of altcoins are recording significant losses in the last 24 hours. In the last seven days, many altcoin tokens in the top 100 were recording losses between 20% to 50% at press time.

SHIB price action

SHIB fell to lows of $0.000017 on Jan. 22 amid a broad-based crypto market selloff. Prices slightly rebounded to highs of $0.000023 on Jan. 23, but SHIB could not match up with bears' activity on the market.

Shiba Inu's price is trading down at a present price of $0.0000196, as the crypto market continues to be rattled by significant selling pressure.

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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.