Number of addresses holding Shiba Inu ($ SHIB) drops amid the downturn in the crypto market

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The number of Ethereum addresses containing the memes-inspired Shiba Inu (SHIB) cryptocurrency fell for the first time in months amid a downturn in the cryptocurrency market that saw space lose more than 300 billion of dollars.

According to data from blockchain explorer Ethereum Etherscan, there are currently 981,163 addresses holding the memes-inspired cryptocurrency, a significant decrease from the 992,900 that held SHIB earlier this month.

Data shows that when the price of the cryptocurrency started to fall, as well as the prices of most other major cryptocurrencies during a downturn that saw BTC drop below the $ 60,000 mark. , the number of addresses holding Shiba Inu fell and recovered slightly.

Source: CoinMarketCap

As CryptoGlobe reported, the number of addresses holding the memes-inspired crypto-asset topped 900,000 about a week after hitting the 800,000 mark, showing that interest in Shiba Inu was still in full swing. boom at the time.

It should be noted that the numbers only reflect addresses on the Ethereum blockchain and not individual holders. One SHIB holder may, for example, hold dozens of addresses, while another address may hold the funds of thousands of holders if they keep their funds on the stock exchange, for example.

Investor Shiba Inu who turned $ 8,000 into $ 5.7 billion at one point in what has been called the greatest trade of all time, for example, recently moved his stash into a number of wallets.

The price of SHIB exploded earlier this year amid a retail frenzy that also heavily influenced other cryptocurrencies inspired by memes. The price of SHIB peaked at the end of October and has been falling steadily since.

SHIBUSDT Chart via TradingView

As CryptoGlobe reported, the memes-inspired cryptocurrency has become the third most googled cryptocurrency so far this year, with 2.8 million average monthly searches. Bitcoin, by comparison, has 22 million average monthly searches while Ethereum has 6.3 million.

Scott Minerd, chief investment officer of Guggenheim Partners, an asset management firm with more than $ 233 billion in assets under management, has revealed that he regrets not having invested in SHIB before its massive rally.

DISCLAIMER

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptoassets carries a risk of financial loss.

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