Reports said that Shiba Inu (SHIB) has reached an adoption milestone by surpassing the 1 million-holders mark, even though the memecoin is trading 50% below its all-time high (ATH).
It has been reported that news of the milestone and daily price increases has energized the Shiba Inu community since the official Shiba Inu Twitter account tweeted a shoutout late last Thursday.
However, since the project reached this milestone, the price has jumped up 11.4% over the past 24 hours, with SHIB now trading at $0.00004237. According to data from Etherscan, there are 1,002,021 SHIB holders.
The report said that despite the recent price increase, SHIB is still trading well below its October 28 peak of $0.00008190, possibly due to SHIB whales taking profits. There’s plenty going on in the Shiba Inu world. Bitfinex Derivatives listed SHIB with Tether (USDT)-paired perpetual contracts for trading on Tuesday.
Likewise, South Korean exchange Korbit has been accepting deposits, and SHIB was scheduled to start trading at 3 am UTC. This makes Korbit the first Korean exchange to list Shiba Inu. Dogecoin (DOGE) is currently the only other memecoin available to trade on the big four exchanges that still operate legally in South Korea — Upbit, Bithumb, Coinone, and Korbit.
It has been analyzed that Korbit has the opportunity to list new tokens paired with the Korean won, as it was one of the few exchanges in Korea to have come into full compliance by September 24 with new rules designed to combat money laundering. DOGE is South Korea’s fifth-most traded crypto by trade volume. DOGE has been very popular in Korea since 2017 when the country was gripped by initial coin offering fever and cryptocurrencies traded at a premium compared to global prices — known as the “Kim Chi Premium.”
Moreover, it remains to be seen whether the addition of more memecoins such as Shiba Inu could lead to another speculative frenzy. SHIB is one of the most popular memecoins on the market today, behind only DOGE. Both are among the top 15 cryptocurrencies by market capitalization.
Thus, inspired by DOGE, SHIB itself has many copycat coins across several chains. In total, there are over 19 cryptos with “Shiba” in their names.