Significant Decline in Shiba Inu Millionaire Addresses Amidst Major Price Drop

The number of Shiba Inu (SHIB) addresses holding millionaire status has drastically decreased due to a massive price drop to $0.000017. According to data from market analytics source IntoTheBlock (ITB), the ongoing broad market correction has significantly impacted the cryptocurrency market, with Shiba Inu being one of the hardest hit.

Bitcoin (BTC), the leading cryptocurrency asset, has fallen by 9% this month, nearly erasing all its gains from May. Meanwhile, Shiba Inu plummeted by a larger margin of 31.22% in June, offsetting the 13.58% increase it saw in May. Yesterday, bears threatened to push prices to pre-March levels, but strong support at $0.000016, as reported by The Crypto Basic, held firm.

Shiba Inu Millionaire Addresses Drop to 986:

Shiba Inu has since recovered to $0.000017 but remains in a downward trend, significantly reducing investors’ holdings. According to on-chain data from IntoTheBlock, the number of addresses with SHIB holdings worth at least one million dollars has dropped to just 986.

This figure represents approximately 0.08% of all Shiba Inu addresses. Out of these, around 909 addresses hold between one and ten million dollars. Meanwhile, only 77 addresses, representing 0.01% of total holders, have balances exceeding ten million dollars. These millionaire wallets collectively hold 915.74 trillion SHIB tokens, which is more than the current circulating supply of SHIB at 589 trillion tokens, as the data includes the Shiba Inu burn address, holding over 410 trillion SHIB permanently removed from circulation.

Back in March, there were 1,319 millionaire addresses when SHIB was trading at $0.00002740. The current figure indicates that approximately 333 addresses have lost their millionaire status amid the ongoing price decline. For instance, addresses holding 36.496 billion SHIB tokens had a million-dollar investment. However, with SHIB’s collapse to the current price of $0.00001749, those tokens are now valued at $638,231. To become a SHIB millionaire now, an investor needs to hold 57.175 billion tokens.

Investor Sell-Offs:

The decline in millionaire addresses is also attributed to investors selling their holdings amid persistent bearish sentiment. Data from Coinglass shows that the SHIB long/short ratio is now 0.9849, indicating the dominance of short positions. Furthermore, Shiba Inu Exchange Netflow data from CryptoQuant revealed that exchanges saw a net inflow of 1.011 trillion SHIB yesterday, the highest positive flow this month, contributing to selling pressure.

Read more Shiba Inu Token Flow to Centralized Exchanges Slows Down

This bearish sentiment has led investors to offload their tokens due to fears of sharp declines. According to IntoTheBlock data, Shiba Inu saw more sales than purchases yesterday. Market data indicates that investors who sold at least 1% of the trading volume sold 5.9 trillion tokens. Meanwhile, those who bought at least 1% of the volume purchased 5.78 trillion tokens, with sales surpassing purchases by 122.75 billion tokens.

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