The number of Ethereum addresses holding the meme-inspired cryptocurrency Shiba Inu ($SHIB) has dropped for the first time in months amid a cryptocurrency market downturn that saw the space shed over $300 billion in value.
According to data from Ethereum blockchain explorer Etherscan, there are currently 981,163 addresses holding the meme-inspired cryptocurrency, a significant decrease from the 992,900 that held SHIB earlier this month.
Data shows that as the price of the cryptocurrency started dropping, along with the prices of most other top cryptocurrencies in a downturn that saw BTC drop below the $60,000 mark, the number of addresses holding Shiba Inu dropped and recovered slightly.
As CryptoGlobe reported, the number of addresses holding the meme-inspired cryptoasset surpassed 900,000 roughly a week after hitting the 800,000 mark, which showed interest in Shiba Inu was still surging at the time.
It’s worth noting the figures only reflect addresses on the Ethereum blockchain and not individual holders. One SHIB holder can, for example, hold dozens of addresses, while another address can have the funds of thousands of holders if they custody their funds on an exchange, for example.
The Shiba Inu investor who turned $8,000 into $5.7 billion at one point in what has been called the greatest trade of all time, for example, has recently moved its stash to a number of wallets.
The price of SHIB exploded earlier this year amid a retail trading frenzy that heavily influenced other meme-inspired cryptocurrencies as well. SHIB’s price peaked in late October and has been steadily dropping since.
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.
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.
Featured image via Unsplash