As Shiba Inu continues to pull weak price performances amid the broad crypto market volatility, it appears that its holder count is beginning to suffer as a result.
While momentum has slowed significantly, the number of non-empty wallets holding SHIB has also reduced substantially, yet it is still close to achieving its 1.7 million target.
What's behind SHIB holder decline?
Latest data from Etherscan shows that Shiba Inu has recorded a substantial decline in its holder count as nearly 2,500 wallet addresses holding the meme coin disappeared between October 27 and 28.
Nonetheless, the trend reversed after the massive decrease seen over those two days, as the number of holders on the network has since resumed its upward trend, suggesting that the recent decline may have been temporary.
Although the reason behind the sharp decrease in the Shiba Inu holder count has remained uncertain, the data shows that the decline happened amid prolonged crypto market volatility.
With Shiba Inu's holder count still growing despite the setback seen in the past few days, it appears that the leading meme token is still attracting new holders and adoption is growing.
Shiba Inu 1.7 million holder milestone still in view
While the trend had reversed a few days later, further data shows that Shiba Inu now has a total of 1,696,255 non-empty wallet addresses on Ethereum as of October 31.
As such, Shiba Inu is just about 3,745 holders away from reaching the long-anticipated 1.7 million holder milestone. This means that SHIB could reach the milestone in the coming weeks if the growth continues.