Shiba Inu addresses holding at least $1 million worth of the asset have increased in number to 1,319 despite the drop to $0.00002740.
The broader cryptocurrency market has witnessed a pause in the ongoing bull run, with prices facing consolidation following a widespread collapse. Shiba Inu’s price movements have aligned with market dynamics, as the asset continues to trade between $0.000023 and $0.000028.
SHIB’s consolidation follows the massive slump from the $0.000045 high on March 5. However, despite the asset trading at a current price of $0.00002740, marking a 39% from the recent peak, Shiba Inu addresses worth at least $1 million have increased over the past year.
Shiba Inu Addresses Holding at Least $1M
Data from IntoTheBlock (ITB) shows that addresses holding between $1 million and $10 million have actually dropped to 1,110 since June 2023, when The Crypto Basic last spotlighted this metric. This drop comes despite SHIB recording a 246% rise in its value from June 2023.
These addresses stood at 1,115 as of June 2023. At the time, a wallet needed to hold 126 billion SHIB to be worth $1 million. Now, any address holding just 36.49 billion has made it to the $1 million club. The decline in these addresses despite the price increase is likely due to investors reducing their balances amid profit-taking trades.
Conversely, the number of addresses holding SHIB worth more than $10 million has increased since June 2023. These addresses totaled 57 at the time of the previous report, but have surged to 209 as of press time. This marks a 266% rise in less than a year.
Shiba Inu Addresses Holding $1M+ | IntoTheBlock
The figure brings the number of addresses holding $1 million worth of SHIB or more to a cumulative total of 1,319. All these addresses collectively hold $24.61 billion in Shiba Inu, representing a sizable amount. However, it bears mentioning that ITB data also accounts for the dead address, which contains the tokens burned out of supply.
Long-Term Holders Show Resilience
Meanwhile, further data confirms that long-term holders have continued to retain their holdings despite the current market uncertainty. According to ITB, addresses that have held Shiba Inu for more than a year have surged in recent times, while those holding between a month and 12 months have reduced.
SHIB Addresses by Time Held | IntoTheBlock
Shiba Inu currently trades for $0.00002740, down 2% over the past 24 hours. Despite a 22% in trade volume within this timeframe, the crypto asset’s volume remains above $1 billion, currently sitting at $1.096 billion. SHIB also commands an Open Interest (OI) of $81.7 million.
