More and more users are joining the Shiba army, which will soon surpass the million mark
The number of Shiba Inu holders is coming closer to a million users, in addition to the overall growth of the network and the stabilization of the price action.
Increase in the number of holders
According to network statistics, more and more users are joining the Shiba Army, which currently has $ 932,000. The number has increased by approximately 5,000 holders since yesterday.
The biggest spike in the number of Shiba Inu holders came on October 7, with more than 20,000 people joining the same token rally.
What does it mean for Shiba?
The increasing number of token holders is an adoption indicator that can be used to track the overall volatility and expected behavior of an asset on the market.
Assets with a small number of holders are generally more volatile and tend to fluctuate quite often. When coins receive more support from the community and attract investors, they tend to become more stable on the market in both bullish and bearish periods.
The similarities between Shiba Inu and Dogecoin cannot be ignored as the two projects exist as memes and enjoy growing support from the community. therefore, Shiba Inu has every chance of facing the fate of its closest competitor.
But with a DeFi foundation and constant token burn, Shiba has more chances to keep the community’s interest and find more use cases in the future.
At time of going to press, SHIB is trading at $ 0.000055 with just 0.2% daily growth. Previously, SHIB retraced from the previous ATH by 50% and then swiftly recovered and gained back 45% to its value. Sadly, it dropped a further 11% right after.
