As many of you know, the number of holders, represented by individual wallets is a fundamental indicator to the health and well being of the tokens value.
How many wallets are there?
Are the number of wallets increasing?
Are those wallets selling or buying?
Are they accumulating? Are they offloading? Any patterns?
Observing and monitoring the activity of the wallet/ holders can tell you a lot regarding the tokens status.
As mentioned in a previous article, “Metcalfe Law and the iEthereum's Network Value;" the equation for Metcalfes Law is able to tell you the fundamental intrinsic value of a network based on the number of users. In crypto, users of the network are defined as holders which are represented by the number of wallets a specific token is held.
In comparison to other broadly marketed and spoken about cryptos; iEthereum does not have the activity or the high numbers of holders that other currently popular tokens have.
This also adds to the point that trading the technicals is different than investing in fundamentals. The low amount of wallets holding iEthereum is currently 4,492. A technical number that doesn't reflect a volume that a trader would be interested in.
However, the fundamentals show an active holder community. More buyers than sellers. A slowly growing ecosystem.
On November 22, 2017, one month after the iEthereum launch and 8 days after the airdrop completed……..iEthereum had 1988 holders. Far shy of the 7128 eligible at the time for the airdrop providing 2,500 iEthereum to the first come, first serve signup.
Nevertheless, on December 10, 2017 after the airdrop, only 80 people sold their iEthereum for nearly 200% profit from the priced value at time of airdrop with a total of 1908 iEth holders by the end of 2017.
The Wayback Internet Archive is not allowing me to select any dates in between 2018 and present to show the incremental accrual of iEthereum wallet holders.
Regardless, current wallets holding iEthereum is 4,492 as of July 18, 2023. That is a 2.25x on wallet holders. That is an increase of 125% in project participants on the iEthereum chain over 5.5 years. That is a fundamental statistic that we can now chart.
With zero marketing, just organic growth, these numbers are exciting. We can assume the snowball will increase and will get larger and larger as the token catches on.
With no additional momentum from other forces, we can expect the compounding effects of the value of the network to begin increasing exponentially.
4,492 current wallet holders multiplied by the current growth rate of 2.25X is 10,107 iEth holders by 2028, 2029. I believe this number is conservative as more and more eyes land on the project. Applying Metcalfe's Law, this would put the value of iEthereum at $5.67.
Conservatively, at these prices that would be a 113x with historical proven growth and 283x if we could grow the project an additional 10% year over year for the next 5.5 years. We see value.
We are working on creating various charts to highlight certain fundamentals and technicals in a visually appealing manner in realtime. If you have experience in developing scripts in Jupyter or other data science software and would like to volunteer your time to this community publishing interactive charts on iEthereum… please contact us at [email protected]
iEther way, We see value!