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In a recent development, Shiba Inu (SHIB) has reached a significant milestone by surpassing 3.74 million total addresses, according to data provided by Glassnode on Jan. 6. The continuous rise in the number of new addresses is evident, with 1,373 new addresses created on the mentioned date.
Further analysis of the Shiba Inu ecosystem based on CoinMarketCap data as of Jan. 5 indicates that out of the total addresses, 1.23 million hold tokens valued between $0 and $1K. Additionally, 92.4K addresses hold tokens in the range of $1K to $100K, while 1.99K addresses hold tokens valued at $100K and beyond.
Despite the growing number of addresses, the price of Shiba Inu is facing challenges in gaining momentum. Current data from CoinMarketCap reveals that the SHIB price stands at $0.000009469, reflecting a 1.56% decrease in the last 24 hours and a 10.24% decline in the past seven days.
Shiba Inu's uncertain state
This divergence between the increasing number of addresses and the lackluster price performance raises questions about the current state of Shiba Inu in the market. Investors and enthusiasts have been closely monitoring the cryptocurrency's price movements, especially given recent concerns surrounding its stability and growth potential.
Notably, Shiba Inu has experienced several price pumps that suggested a growing position in the market. However, these surges have been consistently followed by rapid declines on the Shiba Inu price chart, eroding gains and creating uncertainty about the token's overall stability.
As previously reported by U.Today, the fluctuating and uncertain price movements of Shiba Inu depict a scenario marked by volatility. The token has faced consistent challenges in sustaining its upward trend, experiencing sharp retractions and dropping below the $0.00001 threshold in each rally.
As the cryptocurrency market remains dynamic and influenced by various factors, including market sentiment and external events, the Shiba Inu community is eagerly awaiting further developments that could potentially impact the token's trajectory. Market participants will likely be expecting signs of a sustained upward trend or a resolution to the current challenges faced by Shiba Inu.
Dan Burgin
Alex Dovbnya