Though SHIB’s price rises with the rest of the crypto market, less users appear to be holding the token in recent weeks.
As crypto markets reignite this week, the infamous memecoin Shiba Inu is also seeing some newfound price action. However, a look at the token’s holder count wouldn’t exactly suggest a revival of consumer interest.
According to data from CoinMarketCap, the number of on-chain addresses holding SHIB has declined by over 60,000 within the last two weeks.
Specifically, there were 1,199,453 token holders on March 16th, as opposed to 1,135,593 as of March 28th.
This downward trend was preceded by a slow but steady growth in addresses holding the token earlier this month. However, the trend reversed on March 17th, when 32,832 addresses dropped the token in a single day.
Nevertheless, SHIB’s price is still in the green. It’s up 21% on the week following Bitcoin’s rally to $48k, breaking months-long resistance.
Of course, this hardly distinguishes it from the rest of the pack. Rival dog-currency Dogecoin is up 22.8% this week, while Cardano has surged as much as 32.8% to $1.21. This suggests that SHIB’s gains are tightly linked to those of Bitcoin and the broader market.
Indeed, the market is finally looking more optimistic, with the Crypto Fear and Greed Index touching the highest levels since November.
It’s important to note that Shiba Inu ownership is highly concentrated. The top 10 addresses hold a whopping 64.7% of the token’s supply, while the top 100 hold 81.19%.
Andrew is content writer with a passion for Bitcoin. He became familiar with Bitcoin back in 2013, but began diligently studying the blockchain technology and its economic implications in 2017. Ever since, he’s believed in the network’s power to replace the current global monetary system, and provide financial freedom to billions worldwide.
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