Analytics firm Glassnode reported on January 6 that Shiba Inu (SHIB) surpassed a milestone with over 3.74 million addresses, evidenced by a steady increase in new addresses, including 1,373 created recently. Despite the growing number of addresses, SHIB’s price faces challenges in gaining momentum, with a current price of $0.000009469, reflecting a 1.56% drop in 24 hours and a 10.24% decrease over the past week.
A detailed analysis of the Shiba Inu ecosystem reveals that out of the total addresses, 1.23 million hold tokens valued between $0 and $1,000, while 92.4 thousand addresses hold tokens worth $1,000 to $100,000, and 1.99 thousand addresses have tokens valued at over $100,000. The discrepancy between the increasing address count and SHIB’s weak price performance raises questions about the cryptocurrency‘s current market status.
The uncertainty surrounding Shiba Inu is highlighted by the contrast between the growing number of addresses and the lackluster price action. Investors are closely monitoring the cryptocurrency’s price movements, especially considering recent concerns about its stability and growth potential.
Shiba Inu has seen various price surges indicating a growing market position, followed by sharp declines that erode gains and create uncertainty about the token’s overall stability. Experts depict SHIB’s volatile and uncertain price movements as a scenario marked by volatility, with consistent challenges in maintaining an upward trend and frequent setbacks below the $0.00001 threshold after each rise.
As the crypto market remains dynamic and influenced by various factors, including market sentiment and external events, the Shiba Inu community eagerly awaits further developments that could potentially impact the token’s trajectory. Market participants are likely looking for signs of a sustained upward trend or solutions to the current challenges faced by Shiba Inu.