Shiba Inu Surpasses 1.6 Million Holders Amid Accumulation Signs

Shiba Inu (SHIB) has surpassed 1.6 million holders according to on-chain data from Etherscan. This milestone in user adoption comes despite the token's recent drop out of the top 30 cryptocurrencies by market capitalization.

The number of SHIB holders has been steadily growing since the beginning of July, with more than 1,700 new wallet addresses added during the month. As a result, the total number of on-chain addresses holding SHIB tokens has reached 1,600,003.

Exchange flow data also indicates that investors are continuing to accumulate SHIB tokens. Over the past 24 hours, approximately 51 billion SHIB tokens were withdrawn from exchanges, while only 393.72 billion tokens were deposited. This negative exchange netflow suggests that more tokens left exchanges than entered them, which is often seen as a sign of accumulation.

Historically, July has been a mixed but generally positive month for SHIB, with the token posting gains in several years since 2021. Despite giving up part of its early-month gains, SHIB remains up 4.74% so far this July.