Shiba Inu ($SHIB) Adds Over 50,000 New Holders During Crypto Market Rout

The meme-inspired cryptocurrency Shiba Inu ($SHIB) has added over 50,000 new holders on the blockchain even amid a cryptocurrency market rout triggered by the collapse of the popular cryptocurrency trading platform FTX.

According to data from CoinMarketCap and Etherscan, the number of unique addresses holding Shiba Inu on the blockchain has grown from around 1.227 million a month ago to over .128 million at the time of writing. The figures show SHIB has been adding well over 1,500 new HODLers per day.

The number of SHIB holders has been growing even at a time in which the meme-inspired cryptocurrency’s price has been plunging along with that of other leading digital currencies, affected by the collapse of FTX, which hit investor confidence. Over the past 30 days, SHIB is down over 17%.

Over the same period, BTC’s price dropped roughly 17.7%, while the price of the second-largest cryptocurrency by market capitalization, Ethereum ($ETH), dropped 16.2%. The cryptocurrency space’s total market capitalization has over the same period dropped by over $120 billion.

Notably, Shiba Inu investors have shown they aren’t planning on selling en masse, as the median time that users on Coinbase hold onto the meme-inspired cryptocurrency before either selling it or moving it to an external address has surpassed the 200-day mark.

The cryptocurrency exchange notes on its page that a long hold time “signals an accumulation trend” while a short hold time “indicates increased movement of tokens.” Shiba Inu’s typical hold time on the exchange has notably kept on rising since the feature was added.

Also read: Who Created Shiba Inu ($SHIB)?

The exchange’s price pages further show that Shiba Inu is the 11th most popular cryptocurrency on the platform. Shiba Inu investors bet on the cryptocurrency’s supply deflating through its burn schedule for its price to increase, while adoption grows.

The meme-inspired cryptocurrency community has organized several methods to generate revenue and burn SHIB, including through an Amazon affiliates program and through music playlists the community listens to.

It’s worth pointing out that Shiba Inu’s activity on the Nasdaq-listed exchange represents a fraction of the meme-inspired cryptocurrency’s total activity, as it’s listed on other major cryptocurrency trading platforms including Binance.

Image Credit

Featured Image via Pixabay

Source: Read Full Article