The number of entities with popular memecoin Shiba Inu (SHIB) reached all-time highs during the recent crypto crash, as prices dropped to attractive levels.

But the token also saw its whale holders drop drastically, a sign that the largest crypto holders could lose faith in the memecoin.

SHIB adds 16,482 holders

The cumulative valuation of the meme token market is down 2% in the past day to $18.8 billion. The prices of the SHIB tokens have fallen by 27% in the past 7 days. The total valuation of the Shiba Inu holding of Top Ethereum (ETH) whales has also fallen to $566 million. Recent price drops and uncertainty have dragged the SHIB token down to rank third in terms of holdings.

Meanwhile, SHIB holders have risen impressively. The market crash that intensified on May 8, 2022 shows that more than 1.14 million wallets were holding the Shiba Inu token. However, the number of SHIB holders rose as the crackdown on the crypto market escalated. As of May 16, 2022, 1,162,394 wallets will carry the SHIB token. The meme token has seen an increase of 16,482 holders during the heavy market crash. However, the all time High (ATH) of portfolios with SHIB stands at 1,180,140.

28.4 Bln SHIB burned by official fire portal

The total market valuation has shrunk 2.20% in the past 24 hours and stands at $1.27 trillion. Shiba Inu prices are down 3% in the last 24 hours to trade at an average price of $0.000012. The new drop in the SHIB price has led to an increase in the number of holders.

Meanwhile, the Shibarmy is not holding back as they have burned approximately 450 million SHIB tokens in the past 24 hours. However, the official Shiba Inu brand portal has sent more than 28.44 billion Shina Inu tokens to a dead wallet since its inception.

Previously, the MILKSHAKE hinted that the soon-to-launch much-hyped Shibarium will be comparable to the Polygon in terms of usability, scalability, and security.

Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analyses. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]

The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

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