The cryptocurrency market has been in a state of turmoil, and the Shiba Inu (SHIB) token has not been spared. As the broader crypto market experiences a significant correction, the number of SHIB addresses that have achieved millionaire status has drastically declined.
The Decline of Shiba Inu Millionaire Addresses
According to data from market analytics resource IntoTheBlock (ITB), the number of Shiba Inu addresses holding at least $1 million worth of SHIB has dropped to just 986. This figure represents a mere 0.08% of the total SHIB addresses. Of these millionaire addresses, 909 hold between $1 million and $10 million, while only 77 addresses have balances greater than $10 million.
The collective holdings of these millionaire wallets amount to 915.74 trillion SHIB tokens, which is more than the current circulating supply of 589 trillion tokens. This discrepancy is due to the inclusion of the Shiba Inu burn address, which permanently holds over 410 trillion SHIB.
The current figure of 986 millionaire addresses marks a significant decline from the 1,319 millionaire addresses recorded on March 23, when SHIB was trading at $0.00002740. This means that approximately 333 addresses have lost their millionaire status as a result of the recent price drop.
Factors Driving the Decline
The drop in millionaire addresses can be attributed to two main factors:
- Investor Selloffs: The sustained bearish sentiment in the crypto market has led to investors selling off their SHIB holdings. Derivatives data from Coinglass shows that the SHIB Long/Short Ratio stands at 0.9849, indicating a predominance of short positions. This has resulted in investors dumping their tokens due to fears of further price declines.
- Drastic Price Collapse: The massive price decline of Shiba Inu has had a significant impact on the value of investors’ holdings. SHIB has slumped to $0.000017, a 31.22% drop in June, effectively erasing the 13.58% increase it recorded in May. As a result, addresses that were once millionaires have now fallen below the $1 million threshold.
The Current Landscape
The current price of Shiba Inu at $0.000017 means that investors need to hold 57.175 billion tokens to be considered millionaires. This is a significant increase from the previous requirement of 36.496 billion tokens when SHIB was trading at $0.00002740.
Despite the current bearish sentiment, the Shiba Inu community remains optimistic about the token’s long-term prospects. With ongoing developments and the potential for further adoption, the Shiba Inu ecosystem continues to attract attention from investors and enthusiasts alike.
Conclusion
The decline in Shiba Inu millionaire addresses is a direct reflection of the broader cryptocurrency market turmoil. As SHIB price slumps to $0.000017, the number of addresses holding at least $1 million worth of the token has dropped significantly. This highlights the volatile nature of the crypto market and the importance of prudent investment strategies for long-term success.
