Shiba Inu Holders Increase Amid Market Crash, But There's A Catch

The number of entities holding popular memecoin Shiba Inu (SHIB) hit record highs during the recent crypto crash, as prices dropped to attractive levels.

But the token also saw its whale holders fall drastically, a sign that the largest crypto holders may be losing faith in the memecoin.

SHIB adds 16,482 holders

The cumulative meme token market valuation is down by 2% over the last day to stand at $18.8 Billion. The SHIB token prices have decreased by 27% in the last 7 days. Top Ethereum (ETH) whales’ total Shiba Inu holding valuation has also come down to $566 million. Recent, price dump and uncertainty have dragged down the SHIB token to stand at the third spot in terms of holdings.

In the meantime, the SHIB holders have surged impressively. The market crash that intensified on May 8, 2022 shows that over 1.14 million wallets were holding the Shiba Inu token. However, the number of SHIB holders surged as the crypto market crackdown escalated. As of May 16, 2022, 1,162,394 wallets are holding the SHIB token with them. The meme token has seen an increase of 16,482 holders in the heavy market crash. However, the all time High (ATH) of wallets holding SHIB stands at 1,180,140.

28.4 Bln SHIB burnt by official burn portal

The total market valuation Shrunk by 2.20% in the last 24 hours to stand at $1.27 Trillion. The Shiba Inu prices are down by 3% in the past 24 hours to trade at an average price of $0.000012. The fresh downfall in the SHIB price has led to an increase in the number of holders.

Meanwhile, the Shibarmy is not holding back as they have burnt around 450 million SHIB tokens in the last 24 hours. However, the official Shiba Inu burn portal has sent over 28.44 Billion Shina Inu tokens to a dead wallet since its inception.

Earlier, the MILKSHAKE hinted that soon to be launched much hyped Shibarium will be similar to the Polygon in terms of operability, scalability, and security.

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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