The massive plunge of SHIB price in recent times has resulted in many Shiba Inu investors losing their millionaire status.
Like most crypto assets, Shiba Inu has suffered huge losses over the past two weeks. The cryptocurrency continues to trade below the $0.00001 price level.
At press time, the canine-themed cryptocurrency is changing hands at $0.00000820. Although SHIB is up 2% over the past 24 hours, the cryptocurrency is down 4% in the past week. Similarly, SHIB has slumped 25.1% over the past two weeks.
This massive collapse has depreciated the value of SHIB held by investors. Many addresses have lost their millionaire status in the past three months due to SHIB’s price plunge.
Shiba Inu Millionaires Plunges to 423
In early June, the Crypto Basic reported that 1,207 addresses were holding SHIB worth at least $1 million. This figure has plummeted heavily over the past three months. At the time of writing this line, the number of addresses holding at least $1 million now stands at 423.
According to fresh data, crypto addresses holding between $1 million and $10 million worth of SHIB have dropped to 377. It is worth noting that in June, this figure stood at 1,157.
In the same vein, addresses holding over $10 million worth of SHIB currently stand at 46. As of June, the number of addresses holding over $10 million worth of SHIB was around 57.
The massive decline in addresses holding at least $1 million SHIB can be attributed to the token’s price dip. Many SHIB whales were forced to liquidate their positions in the canine-themed token following intense selling pressure in the market.
SHIB Millionaires to Increase When Price Spikes
The number of SHIB millionaires is expected to increase when the price of the crypto asset rallies. For many market analysts, a SHIB rally is imminent and would take many by surprise.
This speculation is based on the anticipation surrounding the cryptocurrency’s L2 blockchain, Shibarium. Notably, Shibarium is expected to reduce the number of SHIBs in circulation via burns. It plans to achieve this feat by using a part of transaction fees within the network to buy and burn SHIB.
As many users utilize Shibarium for transactions, more fees would be generated for this initiative. Interestingly, SHIB price could surge when its number of tokens in circulation reduces.
Meanwhile, the team behind Shibarium is still making adequate preparations for its public relaunch. The L2 network is currently running in private mode and has continued to record impressive feats, including surpassing 50K wallet addresses.