The number of Ethereum wallets holding the meme-inspired cryptocurrency Shiba Inu ($SHIB) has surpassed 900,000 roughly a week after hitting the 800,000 mark, meaning that while $SHIB’s price has been waning, the number of wallets holding it has been growing steadily.
According to data from Ethereum blockchain explorer Etherscan, there are currently 912,290 ETH wallets with SHIB tokens in them. In early October, the cryptocurrency had less than 700,000 wallets holding it.
It’s worth noting the 900,000 figure only reflects wallets on the Ethereum blockchain and not individual holders. One SHIB holder can, for example, hold dozens of wallets, while another wallet can have the funds of thousands of holders if they custody their funds on an exchange, for example.
The Shiba Inu investors who turned $8,000 into $5.7 billion at one point in what has been called the greatest trade of all time, for example, has recently moved its stash to a number of wallets.
Notably, the number of wallets holding SHIB has been steadily rising, even as the price of the cryptocurrency started to drop this month. SHIB’s price surged over 900% in 90 days, driven by a retail trading frenzy that was bolstered by the cryptocurrency’s massive circulating supply being confronted with significant token burns.
The cryptocurrency’s trading volume has surged to rival that of Ethereum after a supporter asked Tesla and SpaceX CEO Elon Musk, who has been a vocal supporter of rival meme-inspired cryptocurrency Dogecoin ($DOGE) how much SHIB Musk was holding. Musk replied he held none.
SHIB is now down nearly 25% over the past seven days, although it’s still up nearly 300% in the last 30 days.
As CryptoGlobe reported, the meme-inspired cryptocurrency has become the third-most Googled cryptocurrency so far this year, with 2.8 million average monthly searches. Bitcoin, in comparison, has 22 million average monthly searches while Ethereum has 6.3 million.
Scott Minerd, the Chief Investment Officer of Guggenheim Partners, an asset management firm with more than $233 billion in total assets under management, has revealed he regrets not investing in SHIB ahead of its massive rally.
At the beginning of this month, a mysterious Ethereum whale with over $73 million worth of cryptoassets in its wallets started buying SHIB tokens as their price was starting to drop. The whale, known as “Gimli,” invested nearly $11 million in the cryptocurrency to buy the dip.
In India, as the Diwali festival is celebrated, trading volumes on top cryptocurrency exchanges have been dominated by the meme-inspired cryptocurrency.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured image via Unsplash
