As reported by Glassnode on January 6, Shiba Inu (SHIB) has reached a significant milestone by surpassing 3.74 million total addresses. This achievement is noteworthy. As demonstrated by the fact that 1,373 new addresses were created on the date in question, there has been a discernible and consistent rise in the total number of unique addresses.
Using data from CoinMarketCap as of January 5, additional research into the Shiba Inu ecosystem reveals that out of all the addresses, 1.23 million have tokens with a value that ranges from zero dollars to one thousand dollars. In addition, there are 92.4 thousand addresses that hold tokens with values ranging from one thousand dollars to one hundred thousand dollars, and there are 1.99 thousand addresses that have tokens with values of one hundred thousand dollars or more.
The price of Shiba Inu is still gaining traction despite the fact that the number of addresses is growing at an increasing rate. According to the most recent information that CoinMarketCap has provided, the price of SHIB is currently at $0.000009469. There has been a decrease of 1.56 percent in the past twenty-four hours, and there has been a decrease of 10.24 percent in the past seven days.
The Uncertain State of the Shiba Inu
Concerns have been raised about the current state of Shiba Inu in the market as a result of the disparity between the increasing number of addresses and the underwhelming performance of prices. Especially in light of recent concerns regarding cryptocurrency’s stability and potential for growth, investors and enthusiasts have been keeping a close eye on its price movements.
An increasing presence in the market is indicated by the fact that Shiba Inu has experienced multiple price pumps, which is something that should be mentioned. However, the Shiba Inu price chart has been experiencing consistent surges, and significant declines have quickly followed. These surges have occurred several times. Because of this pattern, the gains that were made have been undermined, and concerns have been raised about the overall stability of the token.
The Token’s Constant Pullbacks Can’t Please Investors Hoping for Growth
As previously mentioned by U.Today, the price movements of Shiba Inu have been fluctuating and uncertain, indicating a scenario characterized by volatility. The token has encountered ongoing difficulties in maintaining its upward trajectory, with significant pullbacks and consistently falling below the $0.00001 mark during each rally.
The Shiba Inu community is eagerly anticipating any new developments that could impact the trajectory of the token, as the cryptocurrency market is constantly changing and influenced by various factors, such as market sentiment and external events. Market participants will eagerly anticipate indications of a prolonged upward trajectory or a resolution to the ongoing obstacles encountered by Shiba Inu.