According to statistics, the decentralized meme token Shiba Inu (SHIB) has attracted over 40,000 new holdings just within this month to date, following an excellent recent performance.
According to our most recent statistics, there were 668,810 Shiba Inu owners on September 21, 2021. Since the publication of this article, there have been 41,161 new meme token holders, bringing the total number of meme token holders to 764,033.
As per coinmarketcap, the daily trading volume of SHIB is ranked at 4th position with a price pump of over +42.02% for the day.
The increase in holders coincided with Elon Musk’s October 4 posting of a photo of his Shiba Inu puppy, Floki, as Musk appears to be able to influence markets with seemingly arbitrary tweets.
Moreover, despite popular suspicion that Tesla (TSLA) CEO Elon Musk accidentally boosted the price, blockchain data shows that the seemingly irrational surge was sparked by SHIB “whales,” who hold significant quantities of SHIB and were followed by normal traders, or the “SHIBArmy.”
According to figures from blockchain analytics startup Santiment, the frequency of SHIB transactions worth moreover $1 million has grown considerably in tandem with the market surge. It’s worth noting that Shiba’s profit-making potential is still limited. As a result, profit-taking has been limited, as profit-taking spikes are built on greater price peaks.
Furthermore, only a few time ago, prior to the skyrocketing price movement, a wallet-tracking Twitter account detected a whale purchase of more than 6 trillion SHIB on September 30.
Surprisingly, the inexpensive cost of participation appears to have attracted small-scale investors to the initiative. Investors may become SHIB billionaires as early as September 9, 2021, for as little as $7, with $1 acquiring 178,000 coins of the crypto at the moment.