• SHIB is the fifth most popular token on the Ethereum network

  • Shiba Inu (SHIB), the decentralized meme coin built on Ethereum (ETH) as a competitor to Dogecoin (DOGE), is now the fifth-ranked token in terms of total network holders, thanks to its growing popularity.

    As of November 24, 2021, SHIB has the fifth-largest number of holders out of a total of 470,782 ERC-20 tokens tracked by Etherscan.io on the Ethereum network. Shiba Inu had a total of 995,285 owners at the time of publication. As a result, SHIB is only 5,000 holders away from reaching the million-holder mark.

    Notably, Tether US (USDT) is first with 4,148,775 stablecoin holders, followed by Livepeer Token (LPT) in second with 2,525,810. CarLive Chain (IOV) comes in third with 1,846,990 holders, while USD Coin (USDC) rounds out the top five with 1,296,978.

    SHIB holders are increasing.

    Notably, despite a slight decrease on November 19, the first since October, the number of Shib holders has continued to rise.

    Shiba Inu, the meme cryptocurrency, is currently experiencing high volatility following its recent meteoric rise to record highs, which appears to be influencing the number of people who own the cryptocurrency.

    We recently reported that SHIB was 9,000 holders short of the one million SHIB investor mark, with 991,306 as of November 22.

    Correlation of price holders

    Notably, the token has dropped below the critical $0.00004 level and, as a result, has fallen further down the rankings, and is now the 13th ranked cryptocurrency by market capitalization. According to CoinMarketCap, the dog meme token is currently down 5.53 percent on the day and 19.56 percent in the last week, bringing its market cap to $21.8 billion.

    In addition, the currency is currently trading at $0.00003989. Uncertainty exists as to whether the enthusiasm of the army of retail traders who helped it soar by more than 535 percent to a record high of $0.00008854 earlier this year has faded.

    Even though the price is falling, the number of holders has increased, implying that more individual investors are entering the market to profit from another speculative meme bubble.

    The fact that the coin is still not available on popular trading platforms such as Robinhood and Kraken may indicate that more retail investors anticipate another rise in the near future. For example, within 24 hours of its listing on Coinbase, the token saw an inflow of $870 billion.

    What's your reaction?