Shiba Inu (SHIB) gained 7% in number of holders after reaching 1,000,000 holders previously
Despite the bearish situation in the market, Shiba Inu (SHIB) continues to grow by welcoming over 70,000 new people after hitting the one million mark over a month ago.
Shiba Inu (SHIB) reaches a new milestone by gaining 70,000 more holders
The current number of holders is a fundamental milestone for a token that has undergone a tough patch recently after losing almost 70% of its previously achieved value.
The growing number of users may not immediately affect the coin or token in terms of market price, but from a fundamental growth standpoint, the number of holders is a key determinant of an asset’s future.
With projects like Ethereum and Solana receiving an increase in the number of holders on the network, all future projects based on its blockchain are more likely to receive community money backing.
Source: Etherscan
With projects like Ethereum and Solana receiving an increase in the number of holders on the network, all future projects based on its blockchain are more likely to receive community money backing.
At the moment, SHIB price is continuing to go down, currently losing more than 60% of its value compared to its previous growth in the market. While the rapid retracement that began in late October is accelerating from the start, the asset’s daily volatility in the market has decreased significantly.
SHIB/USD 4-hour chart | Source: TradingView
Unfortunately for SHIB investors, the token does not provide use cases that act as a consistent source of fuel for the asset’s price. The only buying power tracked in the market comes from the massive speculative buying of whale-grade wallets that currently hold $1.5 billion worth of tokens.
The token’s immense popularity among investors is explained by the rapid price increase that took place in early October and resulted in a growth of more than 1,000% in less than a month.
Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587
Read more:
- Hackers Shared Misleading About Mainstream Adoption And A 500 BTC Giveaway On Indian Prime Minister Twitter
- 72 Bitcoin Mining Hardware Destroyed In The Fire, Damage To Nearly $60,000