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Shiba Inu Reaches This New Milestone Amid Price Declines

Sun, 07/03/2022 - 17:00
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Tomiwabold Olajide
Shiba Inu's holder count continues to grow despite recent price drop
Shiba Inu Reaches This New Milestone Amid Price Declines
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According to Shibainuart, a Shiba Inu community-focused Twitter account, Shiba Inu has surpassed 1,190,350 holders. Shiba Inu's holder count continues to grow despite the recent price drop. According to WhaleStats, the SHIB holder count has grown to reach a new high of 1,191,766 at press time.

The recent increment suggests a growing community, which remains a healthy sign. Although the growth in holders might not necessarily impact the price in the near term, it may indicate interest in a token in the long term. At current prices, Shiba Inu remains down 89% from the all-time high of $0.000088 reached in October 2021.

Per on-chain analytics company Santiment, most crypto assets have reached historic MVRV levels, or "pain" thresholds in their trading returns. It notes that, typically, this is where a price turnaround to alleviate current losses may be anticipated, although it is difficult to predict when this will occur.

The recent drop in price does not seems to deter Shiba Inu's large investors from accumulating at a discount, as SHIB now makes up the biggest chunk of their holdings.

Shiba Inu now largest holding of top 100 whales

Shiba Inu has risen to be the largest holding for the top 100 ETH whales, flipping stablecoin USDC. These top whales now own $512,650,353 worth of SHIB, which comprises 16.24% of their holdings.

According to the Shibburn Twitter handle, over 155,008,973 SHIB tokens have been burned since the previous day, and 23 transactions have been made. At the time of publication, this figure had grown to 212,566,691 SHIB, with the burn rate demonstrating an increase of 97.68%, as seen on the Shibburn website.

SHIB saw a significant decline on June 18 and reached a low of $0.0000071. On June 26, prices rose to a high of $0.000012, but SHIB was unable to keep up with the bearish activity on the market.

Shiba Inu's price is marginally down at a present price of $0.000009 as the cryptocurrency market is still being shaken by considerable 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.

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