Shiba Inu (SHIB), a decentralized meme currency, has acquired over 30,000 new investors in little over two weeks, thanks to a strong recent performance. Our last report, which was released on September 21, 2021, said that there were 668,810 Shiba Inu owners on that day. As of October 8, 2021, there were 699,971 meme token holders, an increase of 31,161 new holders since the publishing of this article. The rise in holdings coincided with Elon Musk's October 4 posting of a picture of his Shiba Inu dog, Floki, as Musk seems to be able to affect markets with seemingly random tweets.
Whales and Elon Musk
Furthermore, despite widespread speculation that Tesla (NASDAQ: TSLA) CEO Elon Musk may have inadvertently inflated the price, blockchain data suggests that the seemingly illogical rise was triggered by SHIB "whales," who own large amounts of SHIB, who were followed by regular traders, or the "SHIBArmy."
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