Shiba Inu, the meme-inspired cryptocurrency that has made headlines in recent weeks, has seen an influx of new holders.
According to CoinMarketCap data, between October 10 and November 8, 2021, the number of Shiba Inu owners increased 31.1 percent, from 706,808 to 926,684. During the same time period, the value of SHIB has increased by at least 111 percent.
In general, the increasing number of SHIB holders has corresponded with the coin’s growing popularity, which has continued to rise in value, attracting high-profile investors.
It is worth noting that the holders may be retail investors who want to benefit from the token. Notably, when crypto-assets rise in value, retail investors flock in because they are afraid of missing out.
Holders of SHIBs are motivated by the possibility of high returns.
This is further supported by the fact that investing in SHIB has the potential to create millionaires. As previously reported, investors could become SHIB millionaires for as little as $7 on September 9, 2021, with $1 purchasing 146,000 coins of the cryptocurrency at the time.
Furthermore, the token’s popularity has risen as a result of its listing on Coinbase, which resulted in an inflow of $870 million within 24 hours. It’s worth noting that listing on an exchange like Coinbase gives investors more chances to own the coin.
Similarly, retail investors are pushing for the coin to be listed on Robinhood. In this vein, over 500,000 people have signed an online petition requesting that the Shiba Inu (SHIB) be listed on Robinhood.
Shiba Inu, which is based on a dog, has resulted in real-world demand for the breed. As previously stated, the increased demand for the Shibu Inu breed has resulted from the coin’s increased value.