Shiba Inu Nears 1.6 Million Holder Milestone Amid Broader Crypto Weakness

Shiba Inu is nearing a milestone of 1.6 million holders, according to data from Etherscan.

The dog-themed cryptocurrency currently has 1,599,919 holders and needs just 81 more to reach the target.

In July alone, Shiba Inu gained 1,633 new addresses, despite a broader decline in the altcoin market.

The prolonged underperformance of many cryptocurrencies has led some analysts to believe that investors are nearing their limits, with over 84% of altcoins listed on Binance trading below their 200-day moving average.