The number of Ethereum wallets holding the meme-inspired cryptocurrency Shiba Inu ($SHIB) has recently surpassed the 800,000 mark as the price of SHIB keeps on rising and it becomes a top 10 cryptoasset by market capitalization.
According to data from Ethereum blockchain explorer Etherscan, there are at press time 836,900 wallets holding the cryptocurrency. Earlier this month, SHIB had less than 700,000 holders, but its price rise accelerated its adoption.
It’s worth noting the 800,000 figure only reflects wallets on the Ethereum blockchain and not individual holders. One SHIB holder can, for example, hold dozens of wallets, while another wallet can have the funds of thousands of holders if they custody their funds on an exchange, for example.
Shiba Inu’s price rise has been driven by a retail trading frenzy that was bolstered by the cryptocurrency’s massive circulating supply being confronted with significant token burns.
The cryptocurrency’s trading volume has surged to rival that of Ethereum after a supporter asked Tesla and SpaceX CEO Elon Musk, who has been a vocal supporter of rival meme-inspired cryptocurrency Dogecoin ($DOGE) how much SHIB Musk was holding. Musk replied he held none.
As CryptoGlobe reported, the meme-inspired cryptocurrency has become the third-most Googled cryptocurrency so far this year, with 2.8 million average monthly searches. Bitcoin, in comparison, has 22 million average monthly searches while Ethereum has 6.3 million.
Scott Minerd, the Chief Investment Officer of Guggenheim Partners, an asset management firm with more than $233 billion in total assets under management, has revealed he regrets not investing in SHIB ahead of its massive rally.
Shiba Inu has been criticized by Michael Burry, the investor best known for his lucrative bet against the housing bubble ahead of 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 quadrillion tokens.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured image via Unsplash
Source: Read Full Article