The number of Shiba Inu addresses that are millionaires based on their SHIB holdings has drastically declined due to the massive price collapse to $0.000017.
This is according to data from market analytics resource IntoTheBlock (ITB). Notably, the ongoing large-scale correction has dealt a heavy blow to the broader crypto market, and Shiba Inu is one of the most affected. Bitcoin (BTC), the leading crypto asset, has dropped 9% this month, nearly erasing all the gains from May.
Concurrently, Shiba Inu has collapsed by a more substantial 31.22% in June. This decline completely offsets the 13.58% increase it recorded in May. Yesterday, the bears threatened to push prices to the pre-March rally levels, but the robust support at $0.000016, reported by The Crypto Basic, held firm.
Shiba Inu Millionaire Addresses Drop to 986
Shiba Inu has since reclaimed $0.000017 but remains in a downtrend. As a result, the worth of investors’ holdings has reduced drastically. According to on-chain data provided by IntoTheBlock, the number of addresses whose SHIB holdings are worth at least $1 million has dropped to just 986.
Shiba Inu Millionaire Addresses | IntoTheBlock
This figure represents about 0.08% of the total Shiba Inu addresses. Of the figure, about 909 addresses hold between $1 million and $10 million. Meanwhile, only 77 addresses, representing 0.01% of total holders, have balances greater than $10 million.
The millionaire wallets in question collectively hold 915.74 trillion Shiba Inu tokens. This is more than SHIB’s current circulating supply of 589 trillion tokens because the data includes the Shiba Inu burn address, which holds over 410 trillion SHIB permanently taken out of circulation.
Notably, the 986 figure represents a significant drop in millionaire addresses since March. The Crypto Basic confirmed on March 23 that millionaire addresses stood at 1,319, with SHIB trading for $0.00002740 then. The current figure shows that about 333 addresses have lost their millionaire status amid the current price drop.
For instance, addresses holding 36.496 billion SHIB tokens were sitting on $1 million worth of investment. However, following SHIB’s collapse to the current price of $0.00001749, these 36.496 billion tokens are now worth $638,231. Consequently, for an investor to be a SHIB millionaire now, they need to hold 57.175 billion tokens.
Investor Selloffs
The drop in millionaire addresses is also due to investors selling off their holdings amid sustained bearish sentiments. Derivatives data sourced by Coinglass shows that the SHIB Long/Short Ratio now stands at 0.9849, showing a predominance of short positions.
This bearish sentiment has led to investors trooping to dump their tokens as a result of fears around steeper 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, contributing to the selling pressure.
Shiba Inu Exchange Netflows | CryptoQuant
In addition, IntoTheBlock data shows that Shiba Inu saw more sales than purchases yesterday. Per market data, investors selling at least 1% of the volume yesterday sold 5.9 trillion tokens. However, those buying at least 1% of the volume purchased 5.78 trillion tokens yesterday. With this, sales surpassed buys by 122.75 billion tokens.
Shiba Inu Bulls and Bears | IntoTheBlock
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