Shiba Inu’s holder count continues to grow despite recent price drop
According shibainuart, a Twitter account focused on the Shiba Inu community, Shiba Inu has surpassed 1,190,350 holders. The number of Shiba Inu owners continues to grow despite the recent price drop. According to WhaleStats, the number of SHIB holders has increased to 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.
According to on-chain analytics firm Santiment, most crypto assets have hit all-time highs of MVRV, or “pain” thresholds in their trading returns. He notes that, generally, this is where a rally in prices to mitigate current losses can be anticipated, although it is difficult to predict when this will happen.
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 is now the largest reserve of the top 100 whales
Shiba Inu became the biggest holding of the summit 100 ETH whales, returning USDC stablecoin. These great whales now own $512,650,353 worth of SHIB, which represents 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 experienced a significant decline on June 18 and hit a low of $0.0000071. On June 26, prices hit a high of $0.000012, but SHIB was unable to follow the bearish market activity.
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.
