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Shiba Inu Reaches This New Milestone Amid Price Declines


u.today 03 July 2022 20:40, UTC
Reading time: ~2 m

According to Shibainuart, a Shiba Inu community-focused Twitter account, Shiba Inu has surpassed 1,190,350 holders. Shiba Inu's holder count continues to grow despite the recent price drop. According to WhaleStats, the SHIB holder count has grown to reach a new high of 1,191,766 at press time.

$SHIB surpasses 1,190,350+ holders. This is all thanks to the community, their energy to continue building, and support for Shiba Inu. All this, while welcoming new #ShibArmy members to join with excitement.

— MILKSHAKE (@shibainuart) July 2, 2022

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.

Per on-chain analytics company Santiment, most crypto assets have reached historic MVRV levels, or "pain" thresholds in their trading returns. It notes that, typically, this is where a price turnaround to alleviate current losses may be anticipated, although it is difficult to predict when this will occur.

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 now largest holding of top 100 whales

📰 JUST IN: $SHIB @Shibtoken has flipped $SLV for biggest holding by dollars among top 1000 #ETH whales

Peep the top 100 whales here: https://t.co/jFn1zIOq03

(and hodl $BBW to see data for the top 1000!)#SHIB #SLV #whalestats #babywhale #BBW pic.twitter.com/U6EkBUVV7o

— WhaleStats - BabyWhale ($BBW) (@WhaleStats) July 2, 2022

Shiba Inu has risen to be the largest holding for the top 100 ETH whales, flipping stablecoin USDC. These top whales now own $512,650,353 worth of SHIB, which comprises 16.24% of their holdings.

In the past 24 hours, there have been a total of 155,008,973 $SHIB tokens burned and 23 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) July 3, 2022

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 saw a significant decline on June 18 and reached a low of $0.0000071. On June 26, prices rose to a high of $0.000012, but SHIB was unable to keep up with the bearish activity on the market.

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.

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