The number of wallets holding Shiba Inu tokens has jumped 10% in the past two weeks.
Rising price causes Shiba Inu wallets to grow
There are now over 751,000 Ethereum addresses holding SHIB tokens, compared to just over 680,000 on 2 October.
SHIB is an ERC-20 token, and its value has grown by 300% over the past month. In particular, it has taken off since October 4, which has also led to a surge in wallets.
It has not yet returned to the highs of May 10, so much so that the price is now still 26% lower, and the recent spike stopped on October 7. Three crazy days in which it gained 314%, only to lose 19%.
The SHIB community
This meme-coin now has a strong user base known as the “SHIB Army”. These are Shiba Inu enthusiasts who are confident that the token has the potential to grow much further. The community appears to have grown in the first few weeks of October.
It is worth noting, however, that a few days ago the price dropped by more than 40% in just 24 hours, probably due to massive sales by some whales: more than 31 billion SHIB tokens sold from addresses where there were between 1 and 10 million each.
Also around the same time, another address bought over 8 trillion SHIB tokens, worth about $240 million. Thus, this is most likely a token that is in the hands of large whales who are able to influence its price.
In recent months the project has been adding new functionality, so much so that its decentralized exchange, ShibaSwap, now also offers farming, staking and NFT.
The token has also been added to exchanges on the Public app, which offers trading to retail investors, and appears to be expanding. For example, the official Twitter account of the Shiba Inu project now has more than 1.2 million followers, which is more than the followers of Cardano or Solana.
The future of Shiba Inu with NFTs
According to some, the popular app RobinHood is also in the process of listing it.
BREAKING NEWS! Robinhood just added a new Altcoin Tab tonight. Which means it’s safe to assume that #SHIB could be making its way to the platform.
(RT to spread the news #shibarmy) pic.twitter.com/u2o3c206HI
— Shiba Inu News (@ShibalnuNews) October 21, 2021
Shortly, Shiboshi NFTs are expected to be launched, in the hope of replicating the success of collections such as CryptoPunks and Bored Apes.
Initially, they will only be available on ShibaSwap, although the launch date is not yet known.
It will be a collection of 10,000 “lovable creatures”, algorithmically generated based on a series of variable attributes.
The first three thousand NFTs will cost 0.1 ETH, the next five thousand 0.2 ETH, and the last two thousand 0.3 ETH. They can only be purchased with LEASH tokens, which is one of the three main tokens of the Shiba Inu ecosystem, in addition to SHIB and BONE.
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