While the latest market-wide correction has devalued lots of investors’ portfolios, the number of wallets with Shiba Inu (SHIB) tokens worth at least $1 million is still on the high side, according to data from the leading analytics platform IntoTheBlock.
The crypto market recently recorded a massive dump in prices following the lawsuits filed against two popular crypto exchanges, Coinbase and Binance, by the U.S. Securities and Exchange Commission (SEC).
On the list of crypto assets whose prices have dropped significantly during this period of fear, uncertainty, and doubt (FOMO) is Shiba Inu (SHIB).
In particular, Shiba Inu (SHIB), the second-largest decentralized dog-themed token, has dropped over 7% and 10% in the past 7 days and 30 days respectively as several whale addresses continue to sell off their assets.
Notably, the Shiba Inu Large Holders Netflow metric, which indicates whether whales are accumulating more tokens or dumping, has declined by 1,700% in the past seven days.
Over 1,200 SHIB Holders Still Maintain Millionaire Status
This dump has taken the price of SHIB below the $0.000008 price point, with a high tendency of dropping further below. Accordingly, several SHIB investors have recorded huge losses with only 1,207 addresses holding a bag worth at least $1 million at the time of writing. This is quite low compared to the statistics as of January 2023 when SHIB’s price was above $0.000015.
Data extracted from the IntoTheBlock platform further showed a drop in the number of addresses holding SHIB tokens worth between $1 million and $10 million. At the time of writing, roughly 1,150 addresses hold Shiba Inu worth between $1 million and $10 million with only 57 SHIB addresses maintaining a balance that is worth $10 million or more.
On the other hand, some SHIB investors seem to be taking advantage of the dump in the price of the meme token with the expectation of a rally when the crypto market recovers. IntoTheBlock data further reveals that addresses holding up to $1,000 worth of SHIB have increased their balances by 4.12% in the past 30 days.
This increased interest in SHIB despite the sharp fall in price could be attributed to the recent partnership between Binance and Lyzi which has enabled over 440 merchants in France to accept payments in SHIB.