1.2 Million Crypto Addresses Hold Shiba Inu

Dogecoin’s competitor, Shiba Inu (SHIB) recently saw a sharp surge in its holders as the crypto rebound brought approximately 7,000 investors to the SHIB network. The latest data from Coinmarketcap.com shows that 1.21 million crypto addresses now own Shiba Inu.

SHIB witnessed a major boom in its price during the crypto rally of 2021. The world’s second most valuable meme coin even entered the list of the top 10 digital currencies in the last year. However, the crypto winter of 2022 caused a major drop in the value of meme coins, including DOGE and SHIB.

According to the details published by Coinmarketcap.com, 14,645 Shiba Inu addresses have been active in the past 24 hours. As far as whale dominance is concerned, the top 10 SHIB addresses hold approximately 63% of the overall supply of the meme coin. The top 50 addresses hold 78.65% supply of SHIB and the top 100 owners of the cryptocurrency now have more than 82% of the total supply.

After losing nearly $2 trillion worth of market cap in the past 8 months, the crypto market witnessed a rebound in the last week. In terms of weekly gains, Ethereum topped the list with a jump of 32%. Among meme coins, DOGE spiked by almost 12% while Shiba Inu climbed approximately 15%.

The crypto market faced a small obstacle yesterday when Tesla announced that the company dumped 75% of its BTC holdings in Q2 2022. However, the market has recovered since then.

“It makes sense that Bitcoin would be considered as an option to sell given the macro-economic backdrop of rising interest rates. However, Tesla’s decision will not sit well with Bitcoin maximalists, as it gives the impression to many institutions that Bitcoin is not a suitable reserve asset or safe haven,” Marcus Sotiriou, an Analyst at GlobalBlock, said.