The Shiba Inu Army has Expanded by 100,000, Setting a New Record

The market analytics platform Glassnode reports that the SHIB Army has grown by around 100,000 members in the past year. Recent data from Glassnode indicates that the number of wallets holding non-zero Shiba Inu balances reached its peak just six days ago.

Shiba Inu Army Expansion

The count of Shiba Inu holders surpassed 1.4 million on May 15, setting a new all-time high since its creation. Currently, the number of Shiba Inu holders stands at 1,391,806.

Although the number of wallet addresses with non-zero balances is slightly lower than the peak set last Wednesday, the current figures suggest that the SHIB Army has expanded by nearly 100,000 in the past year. Last year, the strength of the Shiba Inu Army was approximately 1.29 million.

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Shiba Inu holders with non zero balances | Glassnode

This trend has been consistently rising over the past few months despite the decline in SHIB’s market value. During the explosive rally in late February and early March, the number of holders barely increased. Interestingly, the metric even decreased slightly during the surge, as shown in Glassnode’s chart.

The current number of Shiba Inu holders surpasses the population count of 104 individual cities in the United States.

Holders of SHIB

According to data from the market intelligence platform IntoTheBlock, the majority of Shiba Inu holders are long-term investors, with 76% holding SHIB for over a year. Meanwhile, 21% of SHIB holders bought the asset within the last 12 months, and only 3% joined the SHIB market within the last 30 days.

The largest Shiba Inu holders are the wallets of centralized exchanges. The wallet of Crypto.Com holds over 36 trillion SHIB tokens, while one of Binance’s cold storages closely follows with 35 trillion SHIB.

Despite this, data indicates that the Shiba Inu wallet reserves of exchanges are diminishing, which has positive implications for the asset.

Read Also: Solana Surges Alongside Crypto Market Rally, Eyes Higher Ground

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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.