Shiba Inu addresses spike 100% as SHIB price explodes
InTheBlock Analytics reports that Shiba Inu addresses that have held their tokens for 1-12 months have nearly doubled since November 1. The on-chain analytics firm says this could demonstrate the strong conviction of SHIB holders, noting that this category of addresses has increased from 533,180 on Nov. 1 to 1.05 million by Feb. 7.
Shiba Inu’s price steadily declined from November 2021 to late January after reaching a record peak of $0.000088 in October 2021.
Currently, Shiba Inu is leading the higher meme coins in the ongoing market rally, hitting highs of $0.0000354 on February 8th. The price of SHIB resumed a move higher on February 3 after hitting lows at $0.00020 and has jumped almost 77% since then. Currently, SHIB is trading at $0.0000325, up 18.54% in the past 24 hours, and ranks 13th among cryptocurrencies, according to data from CoinMarketCap.
According to the IntoTheBlock’s holder composition by time held, 94% of SHIB holders have clung onto their tokens in the last 1-12 months, while 6% have held onto their tokens for less than a month. A greater chunk of SHIB holders being mid-term holders might suggest that SHIB may have been seeing buying pressure from this class.
Shiba Inu is looking to expand globally
Welly’s, a Shiba Inu-themed fast food restaurant in Naples, Italy, has plans to expand globally, according to a recent tweet. He claims to have received “hundreds” of requests to open additional franchises over the past week.
Recent on-chain data provided by WhaleStats blockchain service shows that a new Shiba Inu whale has emerged, holding a staggering amount of SHIB. As a result of two transactions performed several hours ago, a new whale wallet has emerged in the Shiba Inu community.
This wallet now contains 3,457,477,154,937 SHIB tokens worth $115,998,358. Additionally, SHIB reclaimed the top spot from FTX as the largest token holder among whales.
