With meme-inspired cryptocurrency Shiba Inu making headlines over the past few weeks, the token has also recorded an inflow of new SHIB holders.
In response to data provided by CoinMarketCap, between October 10 and November 8, 2021, the number of Shiba Inu holders has surged 31.1%, from 706,808 to 926,684. Over the same interval, the worth of SHIB has spiked at least 111%.
Generally, the rising number of SHIB holders has corresponded with the rising recognition of the coin that has continued to spike in worth, attracting high-profile traders.
Worth noting is that the holders doubtlessly point to retail investors who need to benefit from the token. Notably, when crypto-assets surge, retail traders take part as the fear of lacking out units.
SHIB’s holders motivated by the potential of high returns
That is additionally backed by the fact that investing in SHIB has the potential of creating millionaires. As previously reported, as of September 9, 2021, traders had the chance to turn into SHIB millionaires for as little as $7, with $1 buying 146,000 coins of the crypto at the time.
Moreover, the recognition has additionally emerged from the token’s listing on Coinbase, which resulted in an inflow of $870 million with 24 hours. Value noting is that the listing on an exchange like Coinbase affords traders an elevated opportunity to personal the coin.
Similarly, retail traders are additionally pushing for a listing of coins on Robinhood. On this line, over half 1,000,000 people have signed an online petition calling for the Shiba Inu (SHIB) to be listed on Robinhood.
Elsewhere, Shiba Inu, which is predicated on a dog, has resulted within the real-life demand for the breed. As reported earlier, the demand within the Shibu Inu breed has stemmed from the coin’s surge in worth.
By press time, SHIB was trading at $0.00005548, having plunged by 23% over the past seven days. The coin currently has a market capitalization of $30 billion, trailing its closet competitor Dogecoin. DOGE, which ranks in the ninth position, has a market cap of $36 billion.
Worth noting is that Shibu Inu has obtained criticism over the shortage of real-world use circumstances amid the rising worth. Nevertheless, the coin’s developers are nonetheless enhancing the community with new additions corresponding to ShibaSwap.