The recent period has witnessed a significant drop in the value of SHIB, causing numerous Shiba Inu investors to lose their millionaire standing.
Similar to the fate of various other cryptocurrencies, Shiba Inu has encountered substantial declines over the last fortnight. The digital currency remains below the price threshold of $0.00001.
As of the present moment, the canine-themed cryptocurrency is being traded at $0.00000820. While SHIB has exhibited a 2% increase in the past 24 hours, it has endured a 4% decline over the course of the last week. Furthermore, SHIB has experienced a notable drop of 25.1% over the past two weeks.
This extensive deterioration has eroded the valuation of SHIB holdings among investors, resulting in numerous accounts losing their millionaire status within the last three months due to the substantial drop in SHIB’s value.
Plunge in Shiba Inu Millionaires to 423
Back in early June, Crypto Basic reported that there were 1,207 addresses holding SHIB valued at a minimum of $1 million. This figure has undergone a significant plunge over the preceding three months. At the time of composing this statement, the count of addresses possessing a minimum of $1 million has dwindled to 423.
Newly obtained data reveals that the number of crypto addresses containing SHIB valued between $1 million and $10 million has contracted to 377. It’s noteworthy that this figure stood at 1,157 in June.
Similarly, the addresses containing over $10 million worth of SHIB currently total 46. In contrast, back in June, the tally of addresses holding over $10 million worth of SHIB was approximately 57.
Diminished SHIB Holdings
The considerable decrease in the number of addresses housing at least $1 million worth of SHIB can be attributed to the downturn in the token’s price. The pressure from heavy selling in the market compelled many significant SHIB holders to liquidate their positions.
Anticipated Rise in SHIB Millionaires with Price Surge
It is anticipated that the number of SHIB millionaires will experience growth as the crypto asset’s price makes a comeback. For numerous market analysts, a SHIB resurgence is on the horizon, catching many off guard.
This hypothesis is founded on the excitement surrounding the upcoming L2 blockchain of the cryptocurrency, known as Shibarium. Significantly, Shibarium aims to diminish the quantity of SHIB tokens in circulation through token burns. This strategy involves utilizing a portion of the transaction fees on the network to purchase and burn SHIB tokens.
With an increasing number of users employing Shibarium for transactions, greater fees will be generated for this initiative. Interestingly, a reduction in the number of SHIB tokens in circulation could potentially trigger a surge in its price.
In the meantime, the team behind Shibarium is diligently preparing for its public launch. The L2 network is presently operating in a private capacity and has continued to achieve remarkable milestones, including surpassing 50,000 wallet addresses.
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