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Shiba Inu Reaches New Community Milestone

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Sat, 06/18/2022 - 19:15
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Tomiwabold Olajide
Shiba Inu's holder count continues to grow
Shiba Inu Reaches New Community Milestone
Cover image via stock.adobe.com

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The official Twitter account of meme cryptocurrency Shiba Inu has reached a new milestone of 3.4 million followers. For comparison, rival meme coin Dogecoin also has about 3.4 million Twitter followers. Shiba Inu has recorded growth in recent months, adding more than 700,000 followers since February.

Also, Shiba Inu's holder count continues to grow. The total number of SHIB holders has risen to 1,182,817, according to WhaleStats. An increase in the number of holders might suggest long-term interest in an asset, though it may not immediately impact the price.

Shiba Inu whales have been more active in the last 24 hours as WhaleStats' analysis of the top 100 Shiba Inu holders reflects a 20% spike in active addresses as crypto whales interacted with billions of Shiba Inu.

The blockchain data tracker also reported that Shiba Inu has flipped FTX in the biggest holdings for the top 100 ETH whales, accounting for $403,974,830 worth, or 14.53% of their holdings.

91% of traders show preference for Shiba Inu

According to a recent poll conducted by the top Middle East exchange, Rain, 90.9% of traders showed a preference for Shiba Inu. SHIB trading went live on Rain in May, months after the exchange teased its listing.

In the past 24 hours, there have been a total of 110,830,578 SHIB tokens burned and 13 transactions made. The burn rate is also up 158.24% within this timeframe, per the Shib burn website.

Shiba Inu has returned to a price range last seen in August 2021 after reaching intraday lows of $0.0000075 on June 15. SHIB was down 2.72% at $0.0000078 at the time of publication, in line with the current crypto market dip.

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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.