Amid an impressive recent performance, the decentralized meme token Shiba Inu (SHIB) has gained over 30,000 new holders in just over two weeks, according to the data presented by Finbold.
Previously, our report that was published on September 21, 2021, indicated that there were 668,810 Shiba Inu holders on September 21, 2021. Currently, there are 699,971 holders of the meme token as of October 8, 2021, representing an increase of 31,161 new holders at the time of publication.
The increase in holders had come at a time when Elon Musk posted a photo of his Shiba Inu puppy, Floki, on October 4 as Musk seems to be able to influence markets with apparently arbitrary tweets.
Elon Musk and Whales
Moreover, despite the widespread belief that Tesla (NASDAQ: TSLA), CEO Elon Musk may have inadvertently inflated the price, blockchain data indicates that the apparently illogical rise may have been triggered by movements by SHIB “whales,” who own significant quantities of SHIB, which were followed by regular traders, or the so-called SHIBArmy.
Particularly noteworthy is that Shiba’s profit-taking potential is still small. As a result, there hasn’t been much profit-taking since lesser profit-taking spikes are built on higher price peaks.
In addition, a wallet-tracking Twitter account recorded a whale purchase of more than 6 trillion SHIB on September 30, only a few days before the soaring price movement.
Of particular note, the rise in SHIB-related whale purchases followed the announcement on September 23 by India’s Crypto Covid Relief that the conversion of 50 trillion SHIB tokens given by Ethereum co-founder Vitali Buterin into $76 million in stablecoins had come to an end.
Interestingly, small-scale 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.
Following the recent increase in popularity, the Shiba Inu Twitter account announced on October 6, 2021; it had reached the 1 million followers milestone.
The Shib account tweeted out:
“Thank you, #ShibArmy, for helping us reach yet another milestone in our history. Today, we reached 1,000,000 Followers on Twitter.”
Currently, the token competitor to Dogecoin (DOGE) is now trading at $0.000002283, down 27.90% in 24 hours and up a staggering 212.27% in the last week, with a market capitalization of $9 billion, according to CoinMarketCap.com statistics.
Finally, Shiba Inu is now valued more than three times what it was on September 21 at $0.000007231 with a market price of $2.86 billion. Despite adding 30,000 new holders, it’s likely that a handful of whales were the driving force behind the enormous rise.