Shiba Inu has been winning over the past few weeks, and it could very well be termed the altcoin of the season. Over the past month, Shiba Inu’s gains have come close to around 300%, and despite failing to reach an all-time high, all signs point to a major break out.
The number of Shiba Inu holders has now reached the 750,000 mark, representing a 16% increase since September. This is another major milestone for Shiba Inu, as it shows that the Shiba community is fast growing.
SHIB at 750K Holders
As aforementioned, Shiba Inu holders have grown by 16%, which shows 104,000 new SHIB holders over the past month. This number has led to celebration among the Shiba Inu community on Twitter.
Over the past week alone, Shiba Inu has gained 26,600 holders, showing that, on average, the coin is recording 3600 new entries. If the coin continues with this trend, it could very easily reach one million holders before the end of the year.
Despite these gains, Shiba Inu is still far from reaching the number of addresses linked to Dogecoin. Dogecoin has around 4.4 million addresses, which shows that Shiba Inu has much to do if it intends to flip Dogecoin. However, as a meme coin that is barely one year old, reaching 0.75 million holders is a major success.
On the other hand, the majority of SHIB holders seem to be smaller investors. The top 10 wallet addresses hold 72% of the meme coin’s entire supply, while the top 100 hold 82% of the supply. However, one of these addresses was the one used by Vitalik Buterin to burn 41% of the entire SHIB supply, indicating the supply ratio could not be as uneven as depicted at first glance.
Shiba Inu makes Major Monthly Gains
Shiba Inu has gained by more than 300% over the past month alone. Some of these gains are attributed to tweets by Elon Musk causing the SHIB surge. Dogecoin stopped responding to Musk’s tweets about meme coins heading to the moon, and it seems like Shiba Inu has filled this gap.
The other reason attributed to the Shiba Inu rally is the Shiboshi non-fungible token. These NFTs have created much buzz regarding Shiba Inu, which has caused the coin to make major jumps. Besides, the meme coin is also working on a layer two solution that could further trigger price gains.
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