Shiba Inu sees 21% soar in price despite losing 60K holders in one week but the price rises along with the rest of the market while fewer users seem to be holding the token in the past few weeks so let’s read more in today’s latest altcoin news.
With the crypto markets firing up this week, the meme coin Shiba Inu sees a 21% soar but a look at the token’s holder count will not suggest a revival of consumer interest. According to the data from CoinMarketCap, the number of on-chain addresses holding SHIB dropped by over 60,000 in the past two weeks.
There were 1,199,453 token holders on March 16th as opposed to the 1,135,593 as of March 28th. The downward trend was preceded by slow growth in addresses that held the token earlier this month but the trend reversed on March 17 when the 32,832 addresses dropped the token in one day. SHIB’s price is still in the green as it is up by 21% on the week after bitcoin’s rally to $48K and broke a month-long resistance. This doesn’t really distinguish it from the rest of the pack as Dogecoin is up by 22.8% this week while Cardano surged by 32.8% to $1.21 which suggests that the SHIB gains are linked to those of BTC and the rest of the market. The market Is looking more optimistic now with the Crypto Fear and Greed Index hitting the highest levels since November.
It is important to note that Shiba Inu ownership is highly concentrated. And the top 10 addresses hold 64% of the token’s supply while the top 100 hold 81.19%.
As recently reported, One of the most hyped drops that took place last year was Shiboshis, a Shiba Inu NFT which dropped over 70% since its all-time high and this was the official NFT for the SHBI Team as one of the most popular memecoins. The reports showed that in early 2021, the Shiboshis is a collection of 10,000 non-fungible tokens and depicted lovable creatures. The sale happened in November 2021 and each NFT was minted at a different price from 0.1 ETH to 0.3 ETH. Back at that time, the average price that Shiboshis were selling for was 2.5 ETH as per the data from OpenSea. This had much to do with the overall depressing price action of SHIB over the past few months and the crypto is trading 71% below its ATH.
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Of course, it is worth noting that the coin is up 44 million percent from its all-time low which was recorded in 2021.
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