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Here are Shiba Inu Addresses that are Millionaires as SHIB Slumps to $0.000017

Here are Shiba Inu Wallets that are Millionaires as SHIB Declines to $0.000017

The number of Shiba Inu wallets that have become millionaires based on their SHIB holdings has significantly dropped due to the drastic price decline to $0.000017. According to data from market analytics resource IntoTheBlock (ITB), the ongoing market correction has heavily impacted the broader crypto market, and Shiba Inu has been one of the most affected. The leading cryptocurrency Bitcoin (BTC) has also experienced a 9% drop this month, nearly wiping out all the gains from May.

In June, Shiba Inu has seen a more substantial decline of 31.22%, completely offsetting the 13.58% increase it had in May. However, despite yesterday’s threat of pushing prices to pre-March rally levels, robust support at $0.000016, as reported by The Crypto Basic, held firm.

Although Shiba Inu has reclaimed $0.000017, it remains in a downtrend, resulting in a significant reduction in the value of investors’ holdings. According to on-chain data provided by IntoTheBlock, the number of addresses holding SHIB worth at least $1 million has dropped to just 986.

This figure represents around 0.08% of the total Shiba Inu addresses. Of these millionaire addresses, about 909 hold between $1 million and $10 million, while only 77 addresses, representing 0.01% of total holders, have balances greater than $10 million.

The millionaire wallets collectively hold 915.74 trillion Shiba Inu tokens, which is more than SHIB’s current circulating supply of 589 trillion tokens. This is because the data includes the Shiba Inu burn address, which holds over 410 trillion SHIB permanently taken out of circulation.

It is worth noting that the current figure of 986 millionaire addresses shows a significant drop since March. On March 23, The Crypto Basic confirmed that there were 1,319 millionaire addresses when SHIB was trading at $0.00002740. Therefore, the current data indicates that about 333 addresses have lost their millionaire status amidst the current price drop.

For example, addresses holding 36.496 billion SHIB tokens would have had a $1 million investment. However, following SHIB’s collapse to the current price of $0.00001749, these tokens are now worth $638,231. Consequently, to be a SHIB millionaire currently, an investor would need to hold 57.175 billion tokens.

The decrease in millionaire addresses can also be attributed to investors selling off their holdings due to sustained bearish sentiments. Derivatives data sourced by Coinglass shows that the SHIB Long/Short Ratio currently stands at 0.9849, indicating a predominance of short positions.

This bearish sentiment has led to an influx of investors looking to sell their tokens due to fears of further declines. According to the Shiba Inu Exchange Netflow from CryptoQuant, exchanges saw a net inflow of 1.011 trillion SHIB yesterday. This represents the highest positive inflow this month and contributes to the selling pressure.

Furthermore, IntoTheBlock data shows that Shiba Inu experienced more sales than purchases yesterday. Investors selling at least 1% of the volume sold 5.9 trillion tokens, while those buying at least 1% of the volume purchased 5.78 trillion tokens. Sales exceeded buys by 122.75 billion tokens.