Shiba Inu Actually Has Over 2 Million Holders, Claims Redditor

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Shiba Inu Coin (SHIB) may have 2.4m holders according to an analysis of cryptocurrency exchange data from one Redditor.

Taking data from Binance’s pegged Shiba BEP-20, held by 532,000 addresses, Reddit analyst r/BeautifulEnd949 extrapolated this data to other exchanges using the total volume of SHIB on these compared to Binance. They concluded SHIB has 2,399,996 holders, or unique addresses.

This comes under a month after SHIB holders first celebrated reaching 1 million Etherscan addresses. However, Certik claimed SHIB hit this milestone a few weeks before.

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Does SHIB Have 2 Million Holders?

Using CoinMarketCap’s exchange volume chart, the Redditor found that the total volume of SHIB on Binance is $859,808,393. Dividing this by the 532,000 pegged SHIB addresses, it works out to an average of $1632 per address/holder.

Applying this average holding to the total $2.2bn in exchanges reported by CoinMarketCap, they found an estimated 1,354,942 additional holders own SHIB outside of wallets. Combining this with the 1.04m address in Etherscan makes almost 2.4m holders.

Of course, this is unlikely to be the exact number - but more an indication of the on-exchange activity. Exchanges are often holders’ way into cryptocurrency because of their ease compared with setting up a wallet. With the likes of Binance and Coinbase having tens of millions of users, an additional 1 million holders in these places doesn’t seem too implausible.

Speaking to Planet Crypto, the Redditor, who also shared their SHIB-based business ideas, said this is positive for Shiba. “It shows what we all suspected, that there are considerably more holders within the exchanges,” they said.

“It is an indication of things to come, as we all know innovators move in first then the rest of the population moves in. So we need to ensure that purchasing Shiba becomes a seamless, easy and logical for new investors, who all originate from traditional finance.”

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Looking to the future, the Redditor said they expect the number of holders to continue increasing in the next six months as more exchanges list SHIB.

However, they believe utility is more important here. “The utility of Shiba is being demonstrated by acceptance at locations across the globe as payment for goods/services,” they said. The likes of NOWPayments and Bitpay now accept SHIB.

“Shiba will have a rapid uptake once the foundational aspects are confirmed,” they continued, noting the Shibarium L2's potential. “Which multinational company would ignore the chance to leapfrog over competitors launching cryptos by supporting Shiba?”

SHIB is trading at $0.00003606 at the time of writing, down 1.9% in the last 24 hours.

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[Image: Marjan Blan/Unsplash]