Popular meme-inspired coin, Shiba Inu (SHIB), continues to gain popularity. In the past two weeks, there has been a more than 9% increase in holders of the Shiba Inu (SHIB) cryptocurrency.
SHIB addresses exceed 738k
SHIB’s retail demand remains strong despite a remarkable price performance since October 2nd. The meme coin has managed more than 60,000 new holders. This represents a 9.11% increase in just two weeks.
The SHIB token is currently held by more than 742,000 addresses. This is more than twice the number of unique holders it had in May, when it was trading at its peak.
The SHIB Army is not deterred by price drops
The strong retail user base for the meme coin is known as the SHIB Army. These Shiba Inu lovers are confident that the crypto asset can go higher and aren’t affected by price drops.
SHIB lost 40% of its value in less than 24 hours. This caused its market cap to plummet from just over $11 billion to $8.5 billion.
A whale dump was allegedly the catalyst for the huge drop in Shiba Iu’s value. It saw more than 31 billion SHIB coins liquidated from addresses holding between 1 and 10 million SHIB tokens.
It is interesting to note that one address bought over 8 trillion SHIB tokens at the same time. This was worth approximately $239.4million in today’s dollars, which is significantly more than the 31 billion coins.
SHIB, despite being a relatively new asset on the crypto market is still one of the top 10 most traded coins according to CoinGecko data.
The Memecoin Narrative is Defeated
Shiba Inu has been slowly moving beyond the memecoin narrative in recent months as the project adds other functionalities.
ShibaSwap, its decentralized exchange, currently offers features like farming, swapping, and even non-fungible tokens. According to DeFi Llama data, ShibaSwap has a TVL currently of $416.71 millions.
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