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SHIB shoots up 10% in a day as retail holdings hit an all-time high

SHIB shoots up 10% in a day as retail holdings hit an all-time high

In the last month, the price of Shiba Inu (SHIB), the meme-inspired cryptocurrency, has witnessed a stunning surge, soaring over 30%. This meteoric rise has not only captivated the crypto community but has also propelled SHIB to new heights. 

In the midst of this impressive price surge, the amount of SHIB tokens held by retail investors reached a new all-time high, underscoring the fervor surrounding this digital asset.

Notably, the number of SHIB tokens owned by retail currently sits at 222.7 trillion, marking a new record high compared to whale holdings, according to CoinMarketCap’s data retrieved by Finbold on August 9. 

Data shows that whales – investors that hold significant amounts of cryptocurrency – still control the majority of SHIB’s supply, at more than 68%. Out of the remaining 31.9%, retail and other investors share the distribution, with the former holding nearly twice the number of tokens compared to the latter. 

SHIB supply distribution among retail and whale investors. Source: CoinMarketCap

The ever-growing amount of SHIB crypto among retail investors suggests increasing interest and participation from individual investors in the meme token. 

In addition, this trend also may indicate a broadening user base, potentially reflecting heightened public awareness and engagement with the asset. Further, it could contribute to a greater decentralization of ownership, potentially impacting the overall stability and dynamics of the SHIB market.

SHIB price analysis

At the time of publication, the price of SHIB was trading at $0.000009882, up 9.38% over the past 24 hours.

SHIB price chart in the past 24 hours. Source: Finbold

On the weekly chart, Shiba Inu gained roughly 20% and about 30% over the past month, adding $1.4 billion in market cap during that period, even though it had only 15 green days in the last 30. 

One of the factors behind SHIB’s latest upswing could be the hype around the upcoming Shibarium, a new layer 2 blockchain upgrade to Shiba Inu’s ecosystem. 

According to financial experts, Shibarium may be among the deciding factors to propel SHIB’s price to $0.01, as it would make trading SHIB-related tokens more accessible, in addition to several other benefits. 

Still, it remains crucial to acknowledge that SHIB retains its status as a high-risk investment, primarily due to its classification as a meme crypto asset. Its valuation continues to be heavily influenced by social media speculations and the actions of influential market players. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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