Shiba Inu, the world’s second largest meme token by market capitalization, has continued to note rapid expansion in its holder count as momentum flips bullish.
The asset has continued to see rising demand and optimism from investors after breaking out from the prolonged volatility seen earlier this year and maintaining a steady upward momentum.
Although the past few weeks have not been all green for Shiba Inu, its overall performance shows that demand is rising and new holders are entering its ecosystem.
Shiba Inu holder count sets record at 1,585,022
On Wednesday, May 6, the Shiba Inu team revealed a new milestone in the ecosystem, signaling growing adoption of the leading meme asset.
Notably, the Shiba Inu holder count has surged to a new all-time high of 1,585,022 amid the ongoing rally that has also triggered a price spike of over 3% for $SHIB.
The record holder count comes as the network added more than 1,100 new wallets within the last 24 hours alone, signaling rising interest in the asset.
Shiba Inu onchain activity spikes
The team further revealed that the consistent increase in $SHIB holders has been accompanied by notable on-chain activity that signals increasing accumulation.
Notably, its exchange netflows have turned sharply negative, with over 133 billion $SHIB exiting exchanges, suggesting that investors are increasingly transferring tokens into private wallets. While this provides a bullish signal for the $SHIB price, it typically reduces immediate sell pressure and signals the willingness to hold the asset long-term among investors.
