The number of Shiba Inu (SHIB) holders is approaching the long-awaited total of one million holders, breaking the 970,000 investors holding their funds in the meme-based token.
Shiba Inu (SHIB) performance and improvement in holder count
Crypto analyst Arman Shirinyan notes that in just four days, the Shiba Inu network received 40,000 new entries, following a relatively positive week for SHIB in the cryptocurrency market. Meanwhile, according to CoinMarketCap, most of the major cryptocurrencies have gone through a correction cycle that has led to significant price drops in some cases. Bitcoin lost 5.4% of its value, Ethereum lost 3% and OMG lost 24%.
Cryptocoin. com, on the other hand, Shiba Inu showed a 12% price increase in the middle of the week. But then, unfortunately, it corrected by losing 8%, placing it in neutral territory with almost 0% growth in the previous week. According to the analyst, although the market price of the Shiba Inu does not yet reflect strong network growth, it is still a strong signal that the underlying history of SHIB is growing, which is a more important factor in the long run.
The analyst cites the example, stating that while Ethereum rallied in the market all month, its network growth rate followed a correction of almost 100%, indicating the importance of growth in the background for the cryptocurrency. At press time, SHIB was trading at $0.00005179, down 1.13% daily, according to CoinMarketCap data.