Rise of the Millionaires: Over 1,200 #ShibaInu Holders Thrive Amid Market Collapse

Bombolo | News and Media

Shiba Inu (SHIB) Addresses with at Least $1 Million Worth of the Asset Drop Amid Market Downturn

Shiba Inu (SHIB) addresses holding at least $1 million worth of the cryptocurrency have witnessed a significant decrease in number. As the market experiences a downturn, SHIB's value has dropped below the $0.000008 threshold for four consecutive days, resulting in a depreciation of investor holdings. Currently, there are only 1,207 addresses with SHIB worth at least $1 million, a sharp decline from previous figures.

According to data from IntoTheBlock, a prominent on-chain analytics resource, the number of addresses holding SHIB valued between $1 million and $10 million stands at 1.15K at the time of writing. Additionally, there are 57 addresses holding SHIB worth $10 million or more, accounting for just 0.1% of the total SHIB wallets.

The recent decrease in addresses with at least $1 million worth of SHIB can be attributed to two primary factors: the drop in SHIB's price and a distribution campaign by whale addresses. The prevailing selling pressure in the market has prompted several large holders to sell off their assets, contributing to the reduction in millionaire addresses.

Notably, SHIB's value has declined by 23% since reaching its peak of $0.00001031 on April 30. As a result, an address holding 97 billion SHIB, which was worth $1 million in April, now holds assets valued at $768,186.

Accumulation by Small SHIB Holders

Interestingly, while whale addresses have been reducing their SHIB holdings, small addresses have shown a different pattern. Data from IntoTheBlock reveals that addresses holding up to $1,000 worth of SHIB have increased their balances by 4.12% in the past 30 days. These wallets account for a significant 79% of the total Shiba Inu addresses. Despite the market turbulence, small SHIB holders have continued to accumulate assets, indicating their optimism about the future prospects of SHIB.

SHIB's Defending Against Declines

In an effort to protect against further declines, SHIB has been striving to maintain its position above the $0.000007 price territory. Currently, SHIB is trading at $0.00000792, showing a relatively flat performance over the past 24 hours. To reclaim the $0.0000085 zone and recover from the 7-day decline of 6.12%, SHIB needs to regain its momentum and reverse the recent losses.

The recent market downturn has had a significant impact on Shiba Inu (SHIB), leading to a decrease in the number of addresses holding at least $1 million worth of the cryptocurrency. The combination of SHIB's devaluation and distribution trends among whale addresses has contributed to this decline. However, while millionaire addresses are decreasing, small SHIB holders have continued to accumulate assets, showcasing their confidence in the future potential of SHIB.

In conclusion, the recent market downturn has resulted in a decrease in SHIB addresses with at least $1 million worth of the asset. The drop in SHIB's value and the distribution campaign by whale addresses have played a significant role in this decline. However, small SHIB holders have remained resilient, accumulating more tokens despite the market turbulence. Moving forward, SHIB aims to defend against further declines and regain its momentum to recover from the recent losses.

FAQs

1. What is Shiba Inu (SHIB)?

Shiba Inu (SHIB) is a cryptocurrency project that gained popularity due to its resemblance to the Shiba Inu dog breed and its association with the "dogecoin" meme. It aims to provide a decentralized community ecosystem and token utility within the larger crypto space.

2. Why has the number of addresses with $1 million or more worth of SHIB decreased?

The decrease in addresses with $1 million or more worth of SHIB can be attributed to the recent market downturn, which led to a decline in SHIB's value. Additionally, several whale addresses have been selling off their SHIB assets, contributing to the reduction in millionaire addresses.

3. How has the recent market downturn affected SHIB's value?

The recent market downturn has resulted in a significant decline in SHIB's value. SHIB's price has dropped below the $0.000008 threshold for four consecutive days, depreciating the holdings of investors.

4. Are small SHIB holders more optimistic about the future?

Yes, small SHIB holders have shown optimism about the future prospects of SHIB. Despite the market turbulence, addresses holding up to $1,000 worth of SHIB have been accumulating more tokens, indicating their confidence in the long-term potential of the cryptocurrency.

5. What are the potential strategies for SHIB to recover its losses?

To recover from the recent losses, SHIB needs to regain its momentum and increase its value. This can be achieved through various strategies, including increasing adoption and utility of the SHIB token, building partnerships and collaborations, and maintaining a strong community presence.