The Shiba Inu token has been holding its ground on the Ethereum network, maintaining close proximity to the 1.7 million wallet milestone. Despite recent fluctuations in its market price and overall volatility in the cryptocurrency sector, the number of non-empty wallets holding SHIB saw a brief dip before stabilizing.
2,500 Wallets Dropped in Two Days
According to Etherscan data, approximately 2,500 wallet addresses that held SHIB were removed from the network between October 27 and October 28. This downswing coincided with a broader weakness in the meme coin market and pronounced price movements across the crypto landscape.
While the specific cause of this decline remains unclear, the data suggests it may represent a temporary lull rather than a lasting disruption. Following this brief, sharp decline, the trend in the number of SHIB holders has resumed its upward trajectory.
Etherscan data shows that approximately 2,500 wallets holding SHIB were deleted between October 27 and October 28, but the wallet count soon began to climb again.
1.7 Million Benchmark Remains Within Reach
As of October 31, the number of non-empty wallets holding SHIB on Ethereum stood at 1,696,255. This suggests that only 3,745 more addresses are needed for Shiba Inu to hit its target of 1.7 million holders.
Known as a meme token particularly popular among retail investors, Shiba Inu’s resurgence in wallet numbers, despite the recent setback, indicates that its user base is far from diminished.
Data as of October 31 reveals that Shiba Inu is only 3,745 addresses short of reaching the 1.7 million wallet benchmark.
Recovery Signals Observed
Recent signs of recovery have shown that new user inflows have not ceased entirely. If the growth in the number of wallets continues, SHIB could potentially reach the 1.7 million milestone in the coming weeks.
However, with market volatility persisting, movements in the number of wallets are likely to remain erratic in the short term. Current data indicates an ongoing effort to regain stability in the holder base following the recent downturn.
