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Shiba Inu (SHIB) Reaches Unprecedented Milestone: Details

Thu, 06/01/2023 - 13:46
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Tomiwabold Olajide
Past month saw remarkable growth in SHIB network activity
Shiba Inu (SHIB) Reaches Unprecedented Milestone: Details
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Shiba Inu has reached an unprecedented milestone as the SHIB network keeps growing. The past month saw remarkable growth in SHIB network activity, with 2,538 new SHIB addresses created on May 26 alone.

According to Etherscan, the current number of SHIB holders is 1,309,548. As the number of SHIB holders changed, so did the dynamics of its holders' composition.

In this regard, Shiba Inu has set an unprecedented milestone in the percentage of its long-term holders, which is at an all-time high.

Shiba Inu (SHIB) Sees Jaw-Dropping Activity Spike as 2,538 Addresses Created in Day

According to IntoTheBlock's holders' composition by time held, 70% of SHIB holders have now held their tokens for more than a year, representing long-term holders.

For comparison, Shiba Inu is outpacing several blockchains in this regard, as this percentage stands at 69% for rival Dogecoin. The percentage for Cardano is 53% as well.

Meanwhile, the percentage of SHIB holders that have held within a year is 28%, and just 2% have held onto their tokens for less than a month.

The percentage of those who have held for less than a month and within a year remains lower, given the bearish market conditions seen in the past year and even now.

Shiba Inu is trading at six-month lows at a current price of $0.0000084.

Thus, the proportion of long-term SHIB holders demonstrates the community's faith in the token, notwithstanding the current price declines.

Shiba Inu's large transactions jump 177%

According to IntoTheBlock data, large transactions on the Shiba Inu network are up 177% in the last 24 hours.

Large transaction spikes are typically linked to increased activity from whales, or large holders who are either buying or selling.

At the time of writing, SHIB was attempting a recovery, marginally up in the last 24 hours at $0.0000084.

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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.