Shiba Inu ($SHIB), a meme-inspired cryptocurrency, has become the third most used token on the Ethereum network, trailing only two major stablecoins, USDT and USDC, as holders become increasingly active, even in the face of negative price movement.
Shiba Inu had over 78,000 unique users in the last seven days, according to data from Ethereum blockchain explorer Etherscan, while Tether’s USDT had 485,900 and the Centre Consortium’s USDC had 232,300.
Wrapped Ether (WETH) trailed Shiba Inu with roughly 72,000 unique users while Matic Token (MATIC) trailed with 56,100 unique users, according to data.
Notably, the figure demonstrates that the majority of Shiba Inu investors are merely holding onto their tokens, as Etherscan data shows that there are currently 1.075 million SHIB holders on the blockchain. The number of addresses holding SHIB topped one million in November.
Over the previous few months, Ethereum whales have been acquiring SHIB. One whale with over $800 million in cryptoassets added nearly 1.67 trillion tokens to its wallet, while another with $300 million in assets acquired 72 billion SHIB tokens, worth little more than $2.5 million, to its portfolio. The whale’s greatest holding is the meme-inspired cryptocurrency.
Another well-known whale, Gimli, has been amassing SHIB. Gimli added SHIB in transactions worth millions of dollars, accumulating nearly $100 million in the meme-inspired cryptocurrency’s wallet.
According to data, whale purchases have aided the Shiba Inu’s price surge this year. SHIB transactions above $100,000 have often increased ahead of cryptocurrency price increases, according to cryptocurrency analytics firm Santiment. Notably, whales may be stockpiling even more cryptocurrencies ahead of these price increases.
Shiba Inu’s price has been steadily declining in recent months, and it is currently down more than 57% from its all-time high, according to CryptoCompare data.