Shiba Inu Accumulation on the Rise Despite Harsh Market Conditions
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Even though the broader market is currently battling a harsh crypto winter, the canine cryptocurrency Shiba Inu (SHIB) has steadily attracted new investors. The popular Japanese guard dog-themed meme currency’s overall wallet numbers have consistently increased, although this expansion is unrelated to the currency’s falling market value.
Additionally, SHIB has been held by 83% of wallet addresses for longer than six months.
$SHIB is not just adding new holders; over 83% of wallet addresses have now been held for more than 6 months 💎💎
— $SHIB BPP (@ShibBPP) December 15, 2022
At the time of writing, SHIB now has 1,265,128 total token holders on the Ethereum (ETH) network. Furthermore, according to data from Etherscan, the top 100 wallets holding SHIB account for an astounding 81.63% of the whole circulating supply. The measure shows that one of the top assets amassed by the most potent Ethereum whales is the meme coin.
On BNB Chain, the gradual increase in the number of wallets is also noticeable. On-chain reports show that over the past 24 hours, 2,144 new wallets have registered, bringing the total number of SHIB holders to a staggering 2,276,756.
Shiba Inu Is Not Doing Well Price-Wise
Price-wise, the super-popular meme currency has lost 3.5% in the last 24 hours, according to CoinMarketCap, prompting conflicting reactions on Crypto Twitter. At press time, the meme coin ranks 17th on CoinMarketCap and trades at $0.00000884. SHIB lost 6.9% of its market value in just two weeks, giving some investors the chance to buy more.
In light of this, customers of the leading American cryptocurrency exchange Coinbase have been acquiring the well-known canine cryptocurrency. According to the trading sentiment on Coinbase, 98% of crypto fans are buying SHIB.
Analysts believe this can be a result of widespread anticipation about Shibarium. Comparatively, only 2% of SHIB holders have decided to sell their holdings in recent times.
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