Shiba Inu, 20,000 Wallets Explode in a Week..."Whales and Individuals Rushed In Simultaneously"

▲ Shiba Inu (SHIB)/ChatGPT generated image

The number of Shiba Inu (SHIB) holders has surpassed 1.58 million, demonstrating its unique presence in the virtual asset market. In the past week alone, over 22,000 new wallets were created, indicating a renewed market interest in meme coins.

Crypto media outlet U.Today reported, citing data from on-chain data analysis platform Etherscan as of April 25, that the number of Shiba Inu holders reached approximately 1.585 million. Notably, more than 10,000 new wallets were added between April 19 and 22. This suggests a broader expansion of the ecosystem beyond a short-term surge, and can also be interpreted as a sign of retail investors returning.

Shibarium, the layer-2 network of the Shiba Inu ecosystem, has also achieved a monumental milestone. Its cumulative transaction volume has exceeded 1 billion, proving the network's stability and scalability. The active internal movements within the ecosystem are a key driving force supporting Shiba Inu's value. The proportion of assets moving out of exchanges and into staking has also been steadily increasing.

Token burning for supply control is also actively underway. On April 24 alone, over 23.62 million SHIB were permanently burned. The burn rate surged by 700% compared to the previous day. A decrease in circulating supply is likely to act as a long-term upward price pressure. Conversely, the inflow of 184 billion SHIB into exchanges is considered a short-term volatility factor.

Shiba Inu is evaluated as having successfully transformed its fundamentals by building its own ecosystem beyond a simple meme coin. Large investors, or whales, continue to maintain a high proportion of holdings, leading the market. The increased participation of retail investors combined with institutional interest is ushering in a new phase of growth.

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