The number of Shiba Inu holders has increased to almost a million users, along with the overall development of the network and stabilization of the price action.
Surge In Number Of Holders
According to network statistics, new users are joining the Shiba Army. The number of current SHIB holders counts 932,000, with 5,000 more holders having been added since yesterday.
The greatest spike of Shiba Inu newcomers happened on Oct 7, with 20,000 people joining the meme token rally.
What does it mean for Shiba?
The increasing amount of token users is an adoption indicator utilized in tracking expected behavior and overall volatility of an asset on the market.
Assets with few holders are usually much more unpredictable and tend to make big swings. When coins rally support from investors, they become more secure in bullish and bearish market periods.
Dogecoin and Shiba Inu are very similar. Both projects exist as memes and rely heavily on increasing community support. Therefore, SHIB may well encounter the same fate as its closest rival.
With a DeFi foundation and consistent token burn, Shiba has a better chance of maintaining community interest and discovering more use cases in the future.
At press time, SHIB is trading at $0.000055 with only 0.2% of daily growth. Previously, SHIB retraced from its previous ATH by 50% then promptly recuperated 45% of its value. However, it dropped by 11% right after.
Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.