Shiba Inu Wallets Cross 1 Million Milestone Despite Mass Sell-Off
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Shiba Inu (SHIB) hit a new milestone yesterday, after reaching a milestone of 1 million holders, amid a successful listing by a South Korean cryptocurrency exchange. Korbit listed SHIB despite strict regulatory requirements in South Korea at the moment. That said, the meme coin can enjoy exposure to over 100,000 Korbit users from now on.
Korbit listed Shiba Inu despite strict regulatory requirements on cryptocurrency exchanges in South Korea. The meme coin now has exposure to over 100,000 users on Korbit.
SHIB cleared the milestone as the second-largest meme coin emerged as one of the most patronized ERC-20 tokens among Ethereum whales.
Shiba Inu made the announcement via its official account Twitter (@Shibtoken) yesterday, noting that:
“Such a proud and amazing milestone for the #ShibArmy! $SHIB reaches 1,000,000 holders.
Today we all cheer and celebrate this great moment in SHIB’s history.#1MFRIENDSHIBS #SHIB.”
During the price plunge in SHIB, large accounts (whales) have consistently amassed more tokens, which—alongside the token burning mechanism—has reduced the supply of SHIB in circulation, thereby creating the potential for a price pump.
Shiba Inu has recorded a significantly volatile status over the past few weeks and has dropped by over 50%from its recent all-time high at $0.0000861. However, this drop has only piqued the interest of whales and other crypto investors.
Prominent cryptocurrency analyst at CryptoQuant VentureFounder recently selected SHIB as his ideal diversification asset for any portfolio. The analyst tweeted on Wednesday that:
“$SHIB offers another good case study. Buy during the quiet period of accumulation, sell when it reaches a new ATH again.
I am beginning to look at #memecoins as a diversification strategy for any #Crypto portfolio alpha [is] too great to ignore. 1% allocation would do wonders.”
Key Shiba Inu Levels to Watch — November 26
SHIB continues to stumble downwards along my multi-week-long descending trendline as the broader market suffers from a renewed FUD amid risk-off market mood.
SHIB recently recorded a bullish breakout away from the trendline and near the $0.0000500 resistance yesterday. However, with the renewed sell-off, one can deduce that the spike was only a bull trap as millions of dollars worth of long positions got liquidated.
That said, we could see a bearish continuation over the days, except SHIB records a sustained breakout above the $0.0000500.
Meanwhile, my resistance levels are $0.0000400, $0.0000420, and $0.0000440, and my support levels are $0.0000350, $0.0000320, and $0.0000300.
Total Market Capitalization: $2.43 trillion
Shiba Inu Market Capitalization: $20.8 billion
Shiba Inu Dominance: 0.85%
Market Rank: #12
