The number of Ethereum wallets containing the Shiba Inu (SHIB) meme cryptocurrency has recently passed the 800,000 mark as the price of SHIB continues to rise and it becomes one of the top 10 crypto assets by market capitalization.
According to data from Ethereum’s blockchain explorer Etherscan, at press time there are 836,900 wallets containing the cryptocurrency. At the beginning of this month, SHIB had fewer than 700,000 headlines, but its price increase accelerated its adoption.
It’s worth noting that the 800,000 figure only reflects wallets on the Ethereum blockchain and not individual holders. One SHIB holder may, for example, have dozens of wallets, while another wallet may have the funds of thousands of holders if they are custodian of their funds on an exchange, for example.
Shiba Inu’s price surge has been fueled by a retail business frenzy that was bolstered by the cryptocurrency’s massive circulating supply facing significant token burnouts.
The cryptocurrency’s trading volume has skyrocketed to rival that of Ethereum after a supporter asked Tesla and SpaceX CEO Elon Musk, who has been a vocal supporter of the meme-inspired rival cryptocurrency Dogecoin (DOGE) how much SHIB Musk had. Musk replied that he had none.
As reported by Cryptoreportage, the meme-inspired cryptocurrency has become the third most searched cryptocurrency on Google so far this year, with 2.8 million average monthly searches. Bitcoin, by comparison, has 22 million average monthly searches, while Ethereum has 6.3 million.
Scott Minerd, chief investment officer at Guggenheim Partners, an asset management company with more than $ 233 billion in total assets under management, has revealed that he regrets not investing in SHIB before its massive rebound.
Shiba Inu has been criticized by Michael Burry, the investor best known for his lucrative bid against the housing bubble before the 2008 financial crisis that was immortalized in the book and movie “The Big Short.”
In a now-deleted tweet, the head of Scion Asset Management shared Coinbase’s description of the cryptocurrency and highlighted its supply, which exceeds one trillion tokens.