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Shiba Inu Inches Towards 1 Million Users

Shiba Inu Inches Towards 1 Million Users

The Shiba Inu token has crossed a record 970,000 investors as the meme cryptocurrency inches towards the much-awaited one million mark, with SHIB seeing the addition of over 40,000 new entries in just over four days while also having a fairly positive week in the market. 

An Increasing Number Of Users 

Shiba Inu has seen a steady increase in the number of users. While the cryptocurrency’s market price does not reflect the strong growth currently experienced by the network, it can be considered a sign that the meme coin’s fundamentals are strong, which is an important factor in the long run. 

SHIB had shown a significant increase during the week but then underwent a correction and lost almost 8%, dropping the crypto into the neutral zone. 

SHIB Holders In Profit 

Although SHIB is undergoing a fairly high level of price volatility, a significant majority of token holders are in profit. Data from IntoTheBlock has shown that over 72% of token holders are in profit, with the token price around $0.000051 at the time of writing. 

Data shows that only 17% of the token holders are not making a profit on their investments. These can be attributed to late investors who probably bought the coin when the value plummeted from its recent all-time high. 

Volatility Woes 

Despite its popularity, SHIB is also seeing heightened volatility, with the cryptocurrency losing $7.26 billion from its market cap between 4th November and 10th November. The trigger behind the volatility can be attributed to a crypto whale that made four transactions of en trillion (10,000,000,100,000) SHIB to four wallets. The valuation of a single transaction at that time was $586 million. 

Gemini Adds Shiba Inu 

Shiba Inu has been added to another major cryptocurrency exchange, with Gemini being the latest to add the coin. The Gemini exchange announced its support for SHIB on Friday, announcing, 

“We are delighted to announce support for Shiba Inu (SHIB) as well as a range of new DeFi, metaverse, infrastructure, and data management tokens. We believe these tokens will provide value to our users and will continue to support DeFi, the budding metaverse, decentralized infrastructure, and data management environments.”

Shiba Inu token holders are now hopeful that Robinhood will be the next platform to support SHIB, with the backers of the meme coin petitioning Robinhood to list the cryptocurrency. Robinhood, meanwhile, discussed its listing strategy and added that it was in no rush to add new coins to the platform. 

AMC Considers Accepting Shiba Inu As Payment 

The US Theatre Chain, AMC, has revealed that it is considering expanding the list of cryptos that it currently accepts as payment. AMC is looking at Shiba Inu to be potentially added to the list, which currently includes Dogecoin and Litecoin. 

Adam Aron, the CEO of AMC, had announced AMC’s intention to start accepting cryptocurrencies as payment back in July, starting with BTC and then stating that AMC would also begin accepting ETH, Bitcoin Cash, and Litecoin.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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