The Shiba Inu’s Weekly Price Rises 21% Despite the Loss of 60k Holders

The infamous meme coin Shiba Inu, which was created in response to crypto markets’ revival this week is also experiencing some price action. However, a look at the token’s holder count wouldn’t exactly suggest a revival of consumer interest.

CoinMarketCap data indicates that SHIB addresses have declined by more than 60.000 in the last 2 weeks.

Particularly, the March 16th token holder count was 1,199.453 as compared to the 1,135,593 at March 28th.

This trend downward was preceded by a slow but steady increase in addresses that held the token earlier in March. On March 17, however, the trend reversed and 32,832 addresses dropped their token.

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.

However, it is not that different from the rest of its pack. Cardano, the rival dog-currency Dogecoin, has risen 32.8% to $1.21 this week. This suggests that SHIB’s gains are tightly linked to those of Bitcoin and the broader market.

With the Crypto Fear and Greed Index at its highest levels since November, it is encouraging signs that the market is turning more positive.

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%.

 

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