- On-chain Shiba Inu holder count reaches 1,546,786 addresses with modest daily growth.
- SHIB trades at $0.0000090 level with 47.52% annual decline and $5.86B market cap.
- 589 trillion token supply and anonymous leadership cited as adoption barriers.
Market commentator Etherscan_SHIB has noted continued growth in Shiba Inu wallet addresses despite recent price weakness. The number of on-chain holders has increased modestly throughout the current market volatility period.
Data from Etherscan shows SHIB holder addresses rose 0.01% in a 24-hour period to reach 1,546,558. The count climbed further to 1,546,786 at press time, representing 0.003% daily growth.
The wallet expansion occurs as Shiba Inu trades below the $0.00001 psychological level. SHIB has repeatedly fallen beneath this threshold since October 10 and faces difficulty establishing support above it.
Price decline across all major timeframes
Current trading price places SHIB at a market capitalization of $5.86 billion. The token has declined 47.52% over the past year and 52.9% year-to-date.
Monthly performance shows 23.28% losses while daily and weekly timeframes reveal drops of 2.47% and 8.34% respectively. The consistent downward trajectory contrasts with the growing holder base.
Community members view increasing address counts as evidence of continued long-term confidence. However, uncertainty remains about whether SHIB can replicate previous percentage gains achieved during earlier market cycles.
The primary obstacle involves Shiba Inu’s massive token supply totaling approximately 589 trillion coins. Despite ongoing burn initiatives permanently removing tokens from circulation, the scale remains problematic for price appreciation.
Reaching the all-time high of $0.00008845 would require SHIB achieving a $52.09 billion market capitalization based on current supply figures. While this valuation sits below some established cryptocurrencies, critics question whether momentum exists to reach this milestone.
Governance structure deters institutional participation
Anonymous leadership continues drawing criticism as the project has evolved into a multi-billion dollar ecosystem. Core team members maintain undisclosed identities, a characteristic initially celebrated for promoting decentralization principles.
Current project scale demands increased transparency and accountability to attract institutional capital according to community observers. Traditional financial entities typically require identifiable leadership teams before committing resources.
Utility development has progressed through initiatives like Shibarium layer-2 solution. These projects have not generated adoption levels originally anticipated by supporters.
The team needs additional real-world use cases to reignite growth momentum. Completing existing initiatives including the NFT marketplace and metaverse projects should precede new announcements.
Competition from rival meme coins has intensified as alternative projects evolve rapidly and capture investor attention. Maintaining relevance requires continued innovation across all ecosystem components.
Source: https://thenewscrypto.com/shiba-inu-wallet-count-grows-to-1-54m-as-price-struggles-below-0-00001/
