Shiba Inu Surpasses $4 Billion Market Cap Despite Recent Market Trend

In recent market movements, Shiba Inu, the dog-inspired meme coin, has shown resilience in its price movement. Against the odds, Shiba Inu (SHIB) has broken the significant $4 billion market capitalization.

As investors and enthusiasts closely follow its upward trajectory, the burning question arises: Will SHIB leave behind another zero?

Shiba Inu’s Remarkable Performance Garners Attention, Even Among Prominent Politicians

The recent performance of SHIB surpassing the $4 billion cap has attracted the interest of crypto enthusiasts and influential political figures.

Prominent politicians, including Shannon Bray, a US gubernatorial candidate in the upcoming elections, have taken notice of Shiba Inu’s remarkable resilience in the market. Bray expressed admiration for the price surge of SHIB, indicating a significant increase in its value. 

Recognizing the potential of Shiba Inu, Bray encouraged the community to maintain the current positive momentum and continue supporting Shiba Inu’s upward trajectory. Bray expressed gratitude for Shiba not being $PEPE and acknowledged Shiba Inu’s advantages in the market recovery.

Bray emphasized the unique advantage of the SHIB community being listed on the Robinhood exchange while pointing out that SHIB’s closest competitor, the PEPE coin, is unlikely to achieve the same accomplishment. 

Merely a week ago, the US politician strongly supported Shiba Inu, stating that buying SHIB coins would be among his top priorities once he got paid.

Meanwhile, in recent times, SHIB has seen a remarkable increase of 1,905 new holders, bringing the total number of SHIB holders to an impressive 2,348,697. 

The growing community of SHIB enthusiasts, also known as the #ShibArmy, continues to expand, demonstrating the token’s increasing popularity as the development team unveils more utilities. These recent developments have increased anticipation for Shiba Inu’s price to remove one of its leading zeros.

Large Holders Remain High, On-Chain Analytics Reports

Exciting insights emerge from the analysis of Shiba Inu’s on-chain data provided by Into The Block. Their data indicates that a substantial 79% concentration of large holders persists, showcasing significant interest from major investors.

This implies that experienced investors, institutions, or influential individuals have recognized the potential of SHIB and made substantial investments. 

Their involvement often signifies a certain level of confidence and may contribute to shaping the market dynamics surrounding SHIB.

Examining the composition of Shiba Inu holders based on the duration of their holdings uncovers a strong long-term commitment among investors. 

A significant 69% of holders have maintained their position for over a year, while 28% have held for a period ranging from 1 to 12 months. 

Only 3% of holders have held their position for less than a month, indicating a higher proportion of long-term investors. Furthermore, in the past seven days, the total value of transactions exceeding $100K has surged to $113.5 million.