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Shiba Inu remains a favorite among crypto proponents, with over 12,000 addresses holding at least 1 billion SHIB despite the current market challenges.
The crypto market is currently facing turbulence this month as a result of a correction that has sent prices down. Bitcoin (BTC), the leading crypto asset, collapsed below the $65,000 on April 3 but subsequently recovered. Despite the recovery, its bearish trend has impacted all other assets, including Shiba Inu.
SHIB equally slumped to the $0.000025 low on April 3 before it recorded a recovery push. Much like Bitcoin, Shiba Inu remains in bearish territories despite recovering from this low. However, this unfavorable turn of events has not impacted investor confidence.
Data from blockchain analytics resource IntoTheBlock confirms that investors have continued to hold onto their SHIB tokens amid the market turbulence. Interestingly, addresses holding at least 1 billion Shiba Inu have remained fairly high during this period.
Over 12K Addresses Hold at Least 1B SHIB
Per IntoTheBlock data, these addresses currently amount to 12,176 as of the reporting time, with the exception of the dead address, which holds 410.42 trillion burned SHIB tokens. These 12,176 wallets all hold a total balance of $15.32 billion, on-chain data suggests.
Shiba Inu Holdings Distribution | IntoTheBlock
Of these 12,176 addresses, over 9,040 hold between 1 billion SHIB ($27,690) and 10 billion SHIB ($276,900). Notably, while this category contains the highest number of wallets, these addresses hold the lowest cumulative balance, amounting to 20.38 trillion SHIB ($560 million).
Meanwhile, investors holding between 10 billion and 100 billion SHIB tokens hold $1.53 billion worth of Shiba Inu, with this category boasting 1,450 addresses. Wallets with balances ranging from 100 billion to 1 trillion SHIB amount to 636, with their total balance sitting at a whopping $4.8 billion, the highest for any category.
Interestingly, about 51 addresses hold between 1 trillion and 100 trillion Shiba Inu tokens. Within this set, wallets with 1 trillion to 10 trillion SHIB cumulatively hold $3.92 billion, while those with balances ranging from 10 trillion to 100 trillion SHIB hold $4.51 billion despite amounting to just six in number.
Shiba Inu Investors Remain Optimistic
These figures underscore the confidence among shark and whale addresses, with investors patiently anticipating significant price surges. For instance, there have been multiple projections of a Shiba Inu surge to $0.0001. Crypto commentator Oscar Ramos expressed his confidence in SHIB reaching $0.0001.
Amid this sustained optimism, data confirms that most Shiba Inu investors are long-term holders. Notably, over 1 million addresses currently holding SHIB, representing 73% of total addresses, have held the asset for more than one year.
Shiba Inu Addresses by Time Held | IntoTheBlock
Meanwhile, Shiba Inu has continued to battle the bears at the $0.000028 psychological price threshold. The latest price drop saw SHIB relinquish this position, currently trading for $0.00002773. Despite its current position, SHIB remains above the 50-day EMA and the 200-day EMA.
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