The number of Shiba Inu (SHIB) millionaires has sharply decreased as the price of the popular memecoin continues to face significant bearish pressure. Today, Shiba Inu recorded another 4.2% drop, worsening its recent price performance. At its current value of $0.00001254, long-term SHIB holders are experiencing an astonishing 56% loss on their investments, further impacting the number of millionaires in the Shiba Inu ecosystem.

Shiba Inu Millionaires: A Sharp Decline

At the present price of $0.00001254, those holding at least 80 billion SHIB tokens are considered millionaires. However, the number of wallets holding Shiba Inu worth $1 million or more has significantly dwindled in recent weeks. According to data from IntoTheBlock, the number of addresses holding between $100,000 and $1 million in SHIB has dropped to 1,470, down from previous months. These wallets now control around $533.63 million in SHIB, which is a $67 million decrease from the collective value of $600 million recorded in February.

Meanwhile, wallets holding between $1 million and $10 million in Shiba Inu currently total 799, managing approximately 175 trillion SHIB tokens worth around $2.2 billion. Just last month, this tier saw 880 addresses holding a collective value exceeding $3 billion.

Large Wallets Also Feeling the Pressure

The trend is even more pronounced for larger SHIB holders. Wallets with balances exceeding $10 million have dwindled to only 62, down from 75 wallets last month. This further highlights the impact of the recent market downturn, with Shiba Inu’s price falling by 23% over the last 30 days. As the price of SHIB continues to decline, those with larger holdings are seeing their net worth shrink dramatically.

Impact on Retail Investors

Not only whales but also retail investors have felt the heat of the ongoing price slump. Wallets holding between 1 million and 10 million SHIB tokens have decreased to 568,950, down slightly from 570,000 last month. While these wallets individually hold only between $12 to $125 worth of SHIB, their collective balance stands at 2.05 trillion tokens, valued at around $26.67 million.

Moreover, around 496,750 wallets hold fewer than 1 million SHIB tokens. Although these wallets represent smaller investments, they collectively control 142 billion SHIB, which is valued at approximately $1.84 million.

The Wider Picture: SHIB’s Price and Market Sentiment

The dip in the number of Shiba Inu millionaires closely mirrors the overall price performance of SHIB. Since hitting highs in previous months, the cryptocurrency has struggled with bearish pressure, causing a downward trend. As of now, the memecoin remains under significant strain with little indication of a strong reversal in the short term.

While Shiba Inu remains one of the most well-known cryptocurrencies in the market, its recent price performance has raised concerns among investors. The decline in millionaire addresses and the shrinking value of larger wallets signal that many holders are feeling the weight of SHIB’s underperformance.

Conclusion

Shiba Inu’s recent struggles have led to a noticeable drop in the number of millionaires holding SHIB, as the price continues to decline. From large whale wallets to retail investors, SHIB holders are feeling the pressure. As the cryptocurrency market remains volatile, investors will need to closely monitor SHIB’s price movements to determine whether a recovery is on the horizon or if the bearish trend will persist.