The pool of Shiba Inu millionaires is shrinking, following the recent downturn in the cryptocurrency market that has taken a toll on the profits of those holding this meme coin. According to recent on-chain analysis, there are now fewer than 1,000 Shiba Inu millionaires, although they still control a sizable portion of the coin’s supply.
Heading into the specifics, the number of Shiba Inu wallets holding between $100,000 and $10 million has faced a steep decline, especially after the recent market crash affecting similar meme coins like SHIB and DOGE. Blockchain analytics firm IntoTheBlock reports a drop to 2,470 addresses holding between $10,000 and $10 million worth of SHIB. These significant investors collectively manage over $3.5 billion in SHIB.
Breaking down the data further, IntoTheBlock reveals that wallets containing between $100,000 and $1 million in SHIB now number just 1,059. Meanwhile, only around 880 wallets hold between $1 million and $10 million worth of SHIB. Those with holdings exceeding $1 million collectively boast a total balance of $2.8 billion.
Earlier this week, 75 addresses each held $10 million or more in SHIB tokens, totalling over $13 billion in value. However, this figure has dropped to 74 addresses, with a network worth $11.69 billion at the time of reporting. Though the number of such high-value addresses may seem limited, these “whales” possess the power to sway market trends significantly when they make bold moves.
Moreover, this elite group of wallets holds a notable share of Shiba Inu’s total supply. While their holdings don’t represent half of the meme coin’s overall supply, they still possess enough to potentially influence its market behavior.
Reflecting on recent records from IntoTheBlock, the decline in Shiba Inu millionaires becomes evident. Just two weeks ago, there were 93 addresses with SHIB holdings of at least $10 million. At that time, 905 addresses had between $1 million and $10 million in SHIB, compared to the current 880 holdings in this range. This downward trend signals an adjustment in the market, suggesting that some investors are selling off their positions or exiting altogether, likely due to Shiba Inu’s recent price slump and persistent market fluctuations.
Despite recent setbacks, Shiba Inu’s price is attempting to rally. As of now, it trades around $0.0000165. While the coin has seen more than a 20% drop during market declines, Shiba Inu shows resilience, poised to shift away from bearish patterns to drive a recovery.
In the past week, Shiba Inu’s price has climbed over 9.8%, reclaiming much of its prior 22% drop from the last month. According to CoinMarketCap’s data, SHIB remains in the green, posting a 1% increase. However, its trading volume is notably down by 41%, indicating a lull in activity.
For visual reference, the featured image is sourced from Adobe Stock, with the chart provided by Tradingview.com.
