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Dog-themed cryptocurrency Shiba Inu (SHIB) is quietly approaching a new milestone in its holder count, with the latest increase pushing it closer to the 1.6 million mark.
The latest push comes as Shiba Inu saw its biggest daily gain in new holders so far this month.
According to Etherscan SHIB, an X account that provides SHIB stats and real-time insights for the ecosystem, Shiba Inu just saw its largest daily increase in new holders in June, with 575 addresses added.
The total number of Shiba Inu on-chain holders has now reached 1,591,792 addresses, with 8,208 left for it to reach the 1.6 million mark.
The latest increase suggests that Shiba Inu's on-chain holder base is quietly growing despite the current bearish conditions. The cryptocurrency market is experiencing a bear market that has lasted over eight months, fueled by both macroeconomic and industry-specific headwinds.
Shiba Inu fell to multi-year lows near $0.000004, around where it currently trades.
Crypto market faces fresh selloff
At the time of writing, SHIB was down 4% in the last 24 hours to $0.000004365, even as the crypto market extended its selloff ahead of the inflation data release on Thursday.
$1 billion in positions were liquidated across the crypto market in the last 24 hours, according to CoinGlass data. Long positions, or bets on higher prices, accounted for the majority, while short liquidations totaled $222 million.
Traders are watching Thursday's Personal Consumption Expenditures (PCE) data, the Fed's preferred price gauge, for clues on potential interest rate decisions that could impact the markets.
Shiba Inu remains at a critical level in terms of broader market structure. A potential break lower in price could trigger a slide to around $0.000003. For now, Shiba Inu appears to have stabilized near the $0.000004 range.
The primary upside catalyst for the broader crypto industry in the months ahead is the CLARITY Act, which has about five weeks to clear a key legislative hurdle before Congress's summer recess.
U.Today Editorial Team
Dan Burgin
