On-chain data notes a sharp increase in the number of Shiba Inu owners

Shiba Inu

The number of Shiba Inu holders, since the beginning of January, has increased by 25,813. As a result, the global number of wallets holding SHIB already exceeds 1.3 million. This is a milestone that may be influenced by the upcoming update!

Shiba Inu is gaining in popularity

While the cryptocurrency market has been experiencing a significant upturn recently, big movements have also occurred within Shiba Inu holders. As indicated by data shared by the popular crypto price and activity tracking platform CoinMarketCap, the number of wallets accumulating SHIB, as of February 8, reached 1,300,815. Moreover, as many as 14,645 addresses showed activity exclusively over the last 24 hours.

Shiba Inu Wallet Adresses

A broader perspective of this chart indicates a gradually growing, improving sentiment around SHIB. On November 29 of last year, the token enjoyed much lower popularity. The number of its holders fell slightly below 1,250,000, thus setting a local low. Nevertheless, the number has been steadily rising since then. Just from the beginning of January this year until the time of this writing, the number of portfolios holding Shiba Inu has increased by 25,813.

The top 10 SHIB whales collect more than 60% of the tokens

The distribution of Shiba Inu on individual portfolios is even more interesting. Here again, data from CoinMarketCap comes to our aid. They illustrate a potentially quite dangerous phenomenon, where just the 10 largest SHIB wallets hold more than 60% of the coin’s holdings. The top 20 whales, on the other hand, total 69.43% of the amount of all SHIBs in circulation. The 100 largest hodlers, meanwhile, accumulate as much as 81.25% of the stock.

Shiba Inu Circulation

Fortunately, looking at the detailed data, we can see that they are heavily skewed. This is all due to the dead portfolio, which serves the so-called SHIB burn. Recall that its purpose is to permanently remove Shiba Inu from circulation, by locking coins in a space from which they cannot be recovered. This process could lead to price increases in the future. Meanwhile, the portfolio in question is the largest whale, holding 41.03% of SHIB supply.

Could the Shibarium be the cause of the increase in SHIB holders?

Two key factors may be responsible for the improved sentiment around Shiba Inu. One is the general return of capital to the cryptocurrency market. The significant increases in Bitcoin, have contributed recently, to even more dynamic price movements around the smaller coins. In addition, let’s remember that the Shiba Inu network is heading for the imminent launch of a second-tier solution, called Shibarium. Huge expectations are attached to it, which certainly does not escape the attention of buyers. 

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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