Shiba Inu Price Soars 21% Weekly Despite Losing 60k Holders

As crypto markets reignite this week, the infamous memecoin Shiba Inu is also seeing some newfound price action. However, a look at the token’s holder count wouldn’t exactly suggest a revival of consumer interest.

• According to data from CoinMarketCap, the number of on-chain addresses holding SHIB has declined by over 60,000 within the last two weeks.
• Specifically, there were 1,199,453 token holders on March 16th, as opposed to 1,135,593 as of March 28th.
• This downward trend was preceded by a slow but steady growth in addresses holding the token earlier this month. However, the trend reversed on March 17th, when 32,832 addresses dropped the token in a single day.
• Nevertheless, SHIB’s price is still in the green. It’s up 21% on the week following Bitcoin’s rally to $48k, breaking months-long resistance.
• Of course, this hardly distinguishes it from the rest of the pack. Rival dog-currency Dogecoin is up 22.8% this week, while Cardano has surged as much as 32.8% to $1.21. This suggests that SHIB’s gains are tightly linked to those of Bitcoin and the broader market.
• Indeed, the market is finally looking more optimistic, with the Crypto Fear and Greed Index touching the highest levels since November.
• It’s important to note that Shiba Inu ownership is highly concentrated. The top 10 addresses hold a whopping 64.7% of the token’s supply, while the top 100 hold 81.19%.