Following its recent meteoric rise to record highs, the meme cryptocurrency Shiba Inu (SHIB) is presently experiencing high volatility, which looks to be influencing the number of people who own the cryptocurrency.
The decentralized token is now just 9,000 holders away from reaching 1 million unique addresses, with 991,306 as of November 22, according to the latest data from Etherscan.io.
Only three weeks ago, after adding 80,000 new holders in less than a week. Interestingly it was only on November 19 when the number of SHIB holders had briefly declined for the first time since October 8, 2021.
Shiba Inu price
The cumulative Erc-20 holdings of the 1,000 largest Ethereum wallets on the network have now hit 18% of Shiba Inu. Previously, Shiba Inu coins accounted for more than 22% of all holdings on major wallets, meaning that number has decreased by around 4%, as per WhaleStats.
Currently, the token competitor to Dogecoin (DOGE) is now trading at $0.00004451, down 2.2% in 24 hours and down just 17.47% in the last week, with a market capitalization of $34.8 billion, according to CoinMarketCap statistics.
In light of the fact that the Shiba Inu has already had a strong rally season this year, investors are being presented with a slew of temptations, with SHIB becoming attractive only when there are bullish indicators in the market.
Perhaps the move will act as a reminder of the selling pressure applied by SHIB investors who are trying to cash out before the token falls much worse. However, with new holders nearing 1 million and the likelihood that the token could be listed on Robinhood and Kraken, there may yet be another rise in the digital asset remaining.
A noteworthy point is that the token’s value has continued to decline despite the announcement that the crypto payment gateway platform CoinGate has incorporated SHIB, allowing over 500 businesses to accept the token as a payment option.