Consider an altcoin. Increase the number of owners. Let those who have assets have millions of dollars. Let this be in the midst of a market crash. Let’s look at the details of the cryptocurrency.
Millionaires on altcoin SHIB addresses
The number of altcoin Shiba Inu (SHIB) addresses with assets worth at least $1 million has increased. Accordingly, it broke above 1,200 amid the recent market downturn. Shiba Inu (SHIB) is currently changing hands below the $0.000008 level. It fell below the price threshold for the first time this year for four consecutive days. This setback has significantly reduced the value of the investor-held altcoin SHIB. He also left only 1,207 addresses with a bag worth at least $1 million. Data from IntoTheBlock, a leading on-chain analytics resource, reveals interesting results. It shows addresses holding $1 million to $10 million worth of Shiba Inu dropped to 1,150. In addition, the number of addresses holding $10 million or more in SHIB is currently 57. These addresses make up only 0.1% of the total SHIB wallets.
The recent drop in addresses worth at least $1 million can be attributed to the recent distribution campaign where several whale addresses sold their holdings in response to the drop in SHIB’s price and widespread selling pressure in the market. Notably, the drop of the altcoin Shiba Inu from its high of $0.00001031 on April 30 to its current price of $0.00000792 marks a 23% loss. As a result, an address holding 97 billion altcoin SHIB was worth $1 million in April. These 97 billion SHIB tokens are currently worth $768,186.
depreciation
In addition to the depreciation of altcoin SHIB, whale addresses are distributing or selling their holdings. The Shiba Inu Large Holders Netflow metric, which shows whether whales are raising more tokens or selling their holdings, has dropped 1,700% in the past seven days.
This distribution trend is further contributing to the decline in addresses holding at least $1 million worth of SHIB, as large owners who previously held $1 million continue to issue assets. There is a situation contrary to the pattern observed in whales. Accordingly, small Shiba Inu addresses have accumulated more tokens despite the turbulence in the market. IntoTheBlock data reveals that addresses holding altcoin SHIB worth up to $1,000 have increased their balances by 4.12% over the past 30 days. These wallets account for 79% of the total altcoin Shiba Inu addresses. Meanwhile, SHIB is trying to defend against further declines that could see it lose the $0.000007 price zone. Looking at Kriptokoin.com, the asset has been trading sideways at $0.00000792 in the last 24 hours. With a 7-day drop rate of 6.12%, the Shiba Inu needs to recoup last week’s losses to regain the $0.0000085 region.
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