Shiba Inu Has 1 Million Holders As Volume Hits $5B

Shiba Inu crossed 1 million holders and the SHIB token's price soared by more than 12% Thursday. The Shiba Inu team took to Twitter to announce the milestone.

Shiba Inu, a meme coin, initiated the daily candle at $0.00003785 and reached a daily high of $0.00004792 Thursday. The daily low was $0.00003765 for the same.

The trading volume of SHIB is above $5 billion, making it one of the most actively traded cryptocurrencies. However, the price surge cannot solely be attributed to SHIB surpassing 1 million holders. Another reason for this could be the entrance of the self-proclaimed Dogecoin Killer into the South Korean market.

One of the most regulated crypto exchanges in the nation, Korbit, announced Tuesday that it will list SHIB tokens on its platform, and users will be able to trade the meme coin. SHIB tokens were open for trading on the Seoul-based cryptocurrency exchange on the same day as it hit 1 million holders.

Getting listed on the exchange was a breakthrough for Shiba Inu, as the authorities' stringent regulations meant no other exchange supported the meme coin.

The Dogecoin competitor is now the 5th most held token on the entire Ethereum network, which currently supports more than 400,000 ERC-20 compatible tokens, according to a report. This number of compatible tokens makes Ethereum one of the busiest blockchain networks.

Shiba Inu's lead developer, Shytoshi Kusama, also announced that he has" good news for the #Shibarmy this week" while adding he is "going back into quiet mode to finish up." It remains unknown what the developer was hinting at.

As per CoinMarketCap, the token was 52% lower as of 12:13 a.m., Friday from its all-time high of $0.00008845 on Oct 28. It ranks 12th in the crypto market with a market cap of $22.8 billion.