The number of Ethereum wallets containing Shiba Inu (SHIB) has surpassed 900,000 about a week after hitting the 800,000 mark, meaning that while the price of $SHIB has been declining, the number of wallets that they have it has been growing steadily.
According to data from the Ethereum blockchain explorer Etherscan, there are currently 912,290 ETH wallets with SHIB tokens in them. As of early October, the cryptocurrency had fewer than 700,000 wallets.
It’s worth noting that the 900,000 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.
The Shiba Inu investor who turned $8,000 into $5,7 billion in what has been called the biggest trade of all time, for example, recently moved his stash to various wallets.
In particular, the number of wallets holding SHIB has steadily increased, even as the price of the cryptocurrency began to fall this month. SHIB’s price surged more than 900% in 90 days, fueled by a retail trading frenzy that was bolstered by the cryptocurrency’s massive circulating supply that faced significant token burnouts.
Cryptocurrency trading volume has soared to rival that of Ethereum after a supporter asked Tesla and SpaceX CEO Elon Musk, who has been a vocal supporter of rival cryptocurrency meme Dogecoin (DOGE) how much SHIB Musk had. Musk replied that he had none.
SHIB is now down almost 25% in the last seven days, although it is still up almost 300% in the last 30 days.
As reported by Cryptoreportage, the meme 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.
Earlier this month, a mysterious Ethereum whale with more than $73 million worth of crypto assets in its wallets started buying SHIB tokens as their price started to drop. The whale, known as “Gimli,” invested nearly $11 million in the cryptocurrency to buy the dip.
In India, while celebrating the Diwali festival, trading volumes on major cryptocurrency exchanges have been dominated by the cryptocurrency meme.