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Almost 40% of all SHIB tokens are now in public hands

SHIB eclipses Ethereum's 24-hour trading volume following period of high volatility
Jordan
Major
2 weeks ago
3 mins read

Following an impressive recent run, Shiba Inu (SHIB) is currently trading in the red on Tuesday, October 12th, 2021, although the new weekly session began in the green.

Interestingly, according to the verified token supply information by CoinMarketCap, the asset which is known for its enormous total supply, has 39.47% of all SHIB tokens trading in the public’s hands, indicating that almost 40% of the total number of coins circulating on the market is in the public’s ownership.

Notably, at the time of writing, there are 394,796,000,000,000 SHIB in circulating supply out
1,000,000,000,000,000 SHIB total supply, which equates to 39.47% of the total supply.

SHIB Circulating and Total supply. CoinMarketCap.com

It’s worth noting that the circulating supply refers to the total number of coins in circulation, and in public ownership, it’s comparable to the stock market’s flowing shares. 

On the other hand, the total supply is the number of coins that have already been generated, minus any coins that have been burned, and it’s equivalent to the number of outstanding shares on the stock market.

SHIB price

Currently, Shiba Inu is trading at $0.0000028653, down 2.74% in 24 hours and up a staggering 61.96% in the last week, with a market capitalization of $11.3 billion.

SHIB 7 day market cap. CoinMarketCap.com

Recently, Shiba Inu has seen a remarkable rise in value, with the decentralized meme token initially soaring when it was listed on Coinbase on September 16, with $870 million being invested in Shiba Inu in only 24 hours. 

Likewise, following the recent surge in popularity, the Shiba Inu Twitter account announced on October 6, 2021, that it had surpassed the 1 million followers milestone. It tweeted:

“Thank you, #ShibArmy, for helping us reach yet another milestone in our history. Today, we reached 1,000,000 Followers on Twitter.”

Shiba Inu retail demand

Interestingly, small-scale retail investors seem to have been attracted to the project by the low cost of participation. As early as September 9, 2021, investors had the opportunity to become SHIB millionaires for as little as $7, with $1 purchasing 146,000 coins of the crypto at the time.

Owing to increasing retail interest such as that seen on Twitter, it was announced on Tuesday that a petition for Robinhood to list SHIB has now reached over 228,000 signatures.

Eventually, after taking into account the growing demand for the asset, another exchange, Bitpanda, announced on October 8, 2021, that it listed the token created in August 2020 by “Ryoshi’,’ whose identity remains shrouded in mystery.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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