Shiba Inu Holder Count Soar amid Price Rally
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The price of SHIB rose by at least 9% in a single week, and 6,000 new wallets were added to the cryptocurrency community. According to CryptEye, the number has increased to a new record high and is just a few hundred accounts away from reaching 2.22 million holders as a result of the tremendous influx of new holders.
There have been 150,000 more wallets added overall where a SHIB coin has been bought or transferred at least once in the previous three months. The most notable time frame was from mid- to late-September, when there was an 87,000 wallet increase in SHIB holders.
While there are more SHIB holders by the day, this does not translate to more quotations. A glaring illustration is a big decrease in SHIB positions held by significant Ethereum holders. For instance, whereas the top 100 ETH whales had more than $120 million in Shiba Inu a week ago, their position in dollar equivalent has decreased by almost $40 million as of today.
The return of SHIB to position 14 in CoinMarketCap’s ranking of the top cryptocurrencies by market capitalization is another accomplishment for the coin today. Shiba Inu has been consistently falling out of its usual spot over the past few weeks, but a recent price increase has lifted the project’s valuation back beyond $6 billion. The project will undoubtedly advance to where the stablecoin DAI now resides if the good price movement of SHIB continues.
Shiba Inu Whale Activity on the rise
In other news, Shiba Inu whales, or large holders, joined in on the action as large transactions increased by 154% in the previous day, according to statistics from IntoTheBlock. Large transaction spikes are sometimes associated with increased activity from whales, who frequently spend more than $100,000 either buying or selling. Most Shiba Inu price changes have frequently been accompanied by a surge in significant transactions.
JUST IN: $SHIB @Shibtoken now on top 10 by trading volume among 2000 biggest #ETH whales in the last 24hrs 🐳
Peep the top 100 whales here: https://t.co/R19lKnPlsK
(and hodl $BBW to see data for the top 2000!)#SHIB #whalestats #babywhale #BBW pic.twitter.com/6IvFLswu4N
— WhaleStats (tracking crypto whales) (@WhaleStats) October 27, 2022
A total of 3,914,263,607,418 SHIB worth $42,932,556 and 3,377,867,790,724 SHIB worth $37,375,684 were transferred between wallets, according to cryptocurrency data tracker WhaleAlert. Shiba Inu experienced a significant increase on October 27 to hit highs of $0.0000118 but has subsequently dropped back to trade close to $0.0000106.
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