Shiba Inu Holder base remains on an upward trend, with new on-chain data indicating more wallet additions even when the market is unsure about the future. It seems that there are many more Shiba Inu Holder addresses being added every month, especially in June.
As reported through a recent announcement made by Etherscan SHIB, the X account that follows SHIB activities shows that the number of members in the Shiba Inu Holder community has gone up by 3,464 addresses this month. This makes the current total number of Shiba Inu Holders 1,590,266.
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Shiba Inu Holders Rise Despite SHIB Price Drop
The constant increase in the number of Shiba Inu holders has proven that the popularity of the ecosystem is not declining, despite going through an underperformance phase in terms of prices. The increasing number of Shiba Inu holders indicates that there are always new users joining the ecosystem.
During June, there was pressure on the price of Shiba Inu that took prices down to around $0.000004. On June 6th, Shiba Inu fell to a local bottom of $0.00000433 and attempted to make a move up towards $0.0000052, but couldn’t sustain the gains.
Even in times like these, the rise in the number of Shiba Inu holders shows that there is engagement from the community, not exit.
The crypto market has faced volatility in the past few days, and it has affected all kinds of cryptocurrencies, including SHIB. There have been some macroeconomic events that have caused the prices of cryptocurrencies to fluctuate during the week.
However, previous falls have been reversed by a short recovery over the weekend after a fall on Friday amid the market’s reaction to the outcome of a Fed meeting that created different expectations for the future and caused a liquidation of leveraged trades.
Even more pressure was exerted following the release of economic data from the United States. Initial weekly unemployment claims for the period ended June 13 stood at 226,000, just a bit higher than the expected 225,000.
Shiba Inu Network Keeps Expanding
However, despite recent price volatility, the Shiba Inu Holder ecosystem keeps growing amid underperformance in price terms. At the time of writing, SHIB is trading at $ 0.000004662 with a 24-hour trading volume of $ 45.32 million and a market capitalization of $ 2.75 billion. SHIB price decreased by 2.01% in the last 24 hours, and showed a weekly fall of about 6.50%.
Increasing numbers of Shiba Inu holders, combined with poor short-term prices, imply that there are more people in the market than there are value increases. One of the main questions is whether the increasing number of holders will ever increase the price.
The Shiba Inu Holder movement demonstrates continued expansion of the network despite the wider crypto market still searching for some sort of direction.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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