Amid an impressive performance recently, decentralized meme coin Shiba Inu (SHIB) has gained over 30,000 new holders in just over two weeks, according to data presented by Finbold. For details of the news cryptocoin.com keep reading.
In two weeks, the number of meme coin holders increased by 31 thousand
On September 21, 2021, there were 668,810 Shiba Inu holders. As of October 8, 2021, there are now 699,971 meme coin holders, which currently represents an increase of 31,161 new owners.
The surge in holders coincides with a time when Elon Musk shared a photo of Shiba Inu puppy Floki on October 4. Because Elon Musk can influence the markets with seemingly arbitrary tweets.
Elon Musk and the impact of whales on SHIB
Moreover, despite the widespread belief that Tesla CEO Elon Musk may have inadvertently inflated the price, Blockchain data suggests that the seemingly unreasonable rise may have been triggered by SHIB “whales” who own substantial amounts of SHIB, followed by regular traders or group called SHIBArmy whales. It shows you following. According to statistics from blockchain analytics firm Santiment, the frequency of SHIB transactions exceeding $1 million has increased significantly with the increase in the market.
Crypto analyst Jordan Major finds it quite remarkable that Shiba’s profit potential is still low, noting that not much profit has been made as less profit spikes are built on higher price peaks. In addition, a wallet-tracking Twitter account recorded the purchase of more than 6 trillion SHIB on September 30, just days before the soaring price action.
As announced by Indian Crypto Covid Relief on September 23, the surge in meme coin-related whale purchases has come to this point, especially after the conversion of 50 trillion SHIB tokens into $76 million stablecoins by Ethereum co-founder Vitaly Buterin.
Individual investors’ interest in SHIB is also quite high.
Interestingly, small-scale investors seem to be interested in the project due to its low cost of participation. The crypto analyst says that as early as September 9, 2021, investors have the opportunity to become SHIB millionaires for up to $7 by purchasing $146,000 in cryptocurrencies at the time.
However, after the Shiba Inu was listed on Coinbase on September 16, the token’s value skyrocketed, with $870 million in cryptocurrencies in just 24 hours. Following its recent rise in popularity, the Shiba Inu Twitter account announced it had reached 1 million followers on October 6, 2021:
Thank you ShibArmy for helping us reach another milestone in our history. We reached 1,000,000 Followers on Twitter today.
Change in meme coin price
Currently, Dogecoin’s (DOGE) token competitor has a market cap of around $10 billion according to CoinMarketCap.com statistics. Meme coin was trading at $0.000026 at the time of writing, down 7.86% in the last 24 hours after gaining 259% last week.
Finally, considering that the Shiba Inu was priced at $0.000007231 on Sept. 21 and its market cap was $2.86 billion, it is now worth three times as much. Despite the addition of 30,000 new whale holders, a handful of whales were probably the driving force behind the massive rise, according to the crypto analyst.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.