Shiba Inu (SHIB) investors are unfazed by the recent dip as Gemini lists token

  • Activity from Siba Inu investors suggests that they are still excited about the project and are backing it to continue in an upward trajectory.
  • Though a highly speculative buy for most investors, recent data has shown that 7 out of 10 SHIB investors are in profit.

Shiba Inu (SHIB) has remained one of the most controversial cryptocurrencies in the market due to its drastic rise and consequent drop. The meme coin hit its all-time high late last month but has since corrected by nearly 40 percent. As such, the token has slipped from the top ten coins and is at the time of press 11th with a market cap of a little under $29 billion. Despite the correction, data from  IntoTheBlock (ITB), has shown that 7 out of every 10 Shiba Inu holders are currently in gains. These investors are reaping the fruits of timely entry.

The data has further shown that there has been an average of 7,300 new holders recorded per day in the last 30 days, tremendous growth in a project that lacks any real utility. With $0.00008845 its all-time high, its cheapness has seen it attract the masses. Furthermore, of the total SHIB holders, only 36 percent have held SHIB for less than 30 consecutive days.

While a lot of attention has been on Robinhood listing the meme coin with now the petition surpassing 500,000 signatures, Gemini, another US crypto exchange has swooped in and listed it.

Investors remain optimistic that Robinhood will list the coin. As CNF reported earlier, the recent slump in trade volume for Robinhood suggests that the American financial services company might be keen to list the coin to stir up some activity.

Read More: Robinhood needs SHIB listing as much as investors, Q3 report shows

The world’s largest theatre chain is also deliberating on adding the meme coin. After AMC CEO Adam Aron posted a poll on Twitter last month asking followers whether the theatre should accept SHIB and participants overwhelmingly voting in favour, he has recently confirmed that the digital asset is next.

Whales back SHIB after huge moves

Although the token has been a favourite for retail investors, whales have also taken a liking to it. In the last few days, some of these whales have taken advantage of the latest dip and made a number of decisive moves.

One whale bought $750 million worth of SHIB coins within 10 days. Another one moved 40 trillion SHIB tokens to four diverse wallets which had no prior transaction history. Another moved 20 trillion SHIB tokens from the exchange, a move that marked the largest single SHIB transaction ever on the network.

Related: Is crypto for the people? From Shiba Inu to DeFi to NFTs, whales control the market

Exchanging for $0.00005285, at the time of press, SHIB is down by nearly 2 percent in the last 24 hours and by 5 percent from the last 7 days.