Total Shiba Inu Addresses Touches New High, Will SHIB Price Follow?

Shiba Inu (SHIB) still commands a good amount of crypto investors’ attention despite losing so much of its value over the last year. This is evidenced by the continuous rise in the number of addresses that are holding the meme coin. Once again, the SHIB holder number has hit a new milestone as it crosses […][...]

Shiba Inu (SHIB) still commands a good amount of crypto investors’ attention despite losing so much of its value over the last year. This is evidenced by the continuous rise in the number of addresses that are holding the meme coin. Once again, the SHIB holder number has hit a new milestone as it crosses 3 million wallets.

More Than 3 Million SHIB Army

The crypto market has been in limbo lately as most of the digital assets in the space consolidate but Shiba Inu has been seeing some good momentum in terms of its holder base. Data from Glassnode shows a slow but steady climb in the number of wallets holding SHIB tokens on their balances and as the year draws to an end, it has reached new peaks.

Shiba Inu addresses have now crossed 3 million, growing even as the price of the meme coin has continued to tank. The graph shows an inverse relationship between the two during this time. Also, it shows a significant portion of growth just this year alone as Shiba Inu addresses grew by hundreds to thousands.

Interestingly, even as the number of addresses continues to rise, the number of active SHIB addresses remains low during this time. It currently sits at less than 5% of the total addresses despite the 35% growth in total addresses recorded this year.

Shiba Inu now looks to have found a point to balance at, and active addresses are now less than 10% of what it was at their peak back in Nov. 2021.

Can Shiba Inu Price Rally?

Just like the rest of the market, the Shiba Inu price remains drastically low. It has not been helped by the multiple collapses that have been witnessed in the market, and altcoins have suffered greatly for it. SHIB’s price is currently one of the market’s worst performers, already losing more than 89% of its all-time high value.

Additionally, SHIB is currently trading below the critical level of $0.00001. Since the meme coin broke below this level, all indicators have turned bearish for both the short and the long term. Low momentum in the market leaves little liquidity flowing down to altcoins such as SHIB, which has greatly impacted its price.

For SHIB to record another bull trend, it would need to break and sit well above the $0.00001 level with multiple daily closes above this point. Otherwise, the bears will continue to remain in control. 

Nevertheless, the digital asset is up 23% from its most recent cycle low, which points to some belief among holders. But as the market ushers in the holidays, the low liquidity and market momentum could see SHIB fall to $0.000005.

Source: Bitcoinist.com