Shiba Inu (SHIB) Metrics Reveal SHIB Is Seen as Long-Term Investment

The crashing price of the hugely popular memecoin leads to new holders joining the ride.

A woman symbolically measures a giant Shiba Inu breed of dog

The popular canine cryptocurrency Shiba Inu (SHIB) has amassed new holders continuously, even throughout the severe conditions of the crypto winter. The consistent growth in total wallet numbers for the popular Japanese guard dog-themed memecurrency doesn’t correlate with SHIB’s declining market price. On top of that, 83% of wallet addresses holding SHIB have been doing so for over six months.

Ethereum & BSC Whales Jump in to Get Their Shiba Inu

SHIB’s total token holder count on the Ethereum (ETH) network now stands at 1,265,128. Besides, the statistics provided by Etherscan show that the TOP 100 wallets holding SHIB sum up to a whopping 81.63% of the whole circulating supply. The metric indicates that the memecoin is among the top accumulated assets by the most powerful Ethereum Whales.

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The gradual growth in total wallet numbers is also prominent on the Binance Smart Chain (BSC). According to Burn SHIB, the last 24 hours have seen 2,144 new registered wallets, totaling the number of SHIB holders at a colossal 2,276,756.

SHIB Price Serves as an Opportunity for Coinbase Users

The super popular memecurrency has dropped 3% in the last 24 hours, causing a mixed reaction from Crypto Twitter. At press time, the 15th ranked memecoin is changing hands at $0.00000864, according to CoinGecko. In two weeks, SHIB dropped 6.9% of its market value, serving as a buying opportunity for some investors.

On that note, Coinbase users have been accumulating the popular canine coin – the trading sentiment on Coinbase indicates that 98% of crypto enthusiasts on the top American crypto platform are buying. This could be because many people are expecting to see Shibarium soon. In contrast, only 2% of SHIB holders have decided to get rid of their stash at the current market price.

  • SHIB lost a big chunk of its market capitalization in the last two weeks. The memecoin went from having $5.81bn on December 5th, 2022, to 5.08bn today.

Why You Should Care

The popular memecurrency is favored by large whales, retail investors, and top crypto exchanges. For instance, the American crypto platform Crypto.com holds 20% of its total reserves in SHIB.

Follow the latest moves by Shiba Inu:

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.