Shiba Inu takes milestone that could shape the future and fundamental context of the token
Shiba Inu meme-token has finally breached the one-million-holder mark and reached an important milestone. Currently, over a million investors choose to keep their funds in the meme-token which has shrunk by 60% lately.
Shiba’s path on the market
After a mind-blowing couple of thousand percent run on the market, Shiba Inu reached its latest ATH of $0.000088, which was the last price after which Shiba Inu swiftly lost almost 30% of its value and then dropped to $0.000057.
More and more investors decided to abandon the sinking ship and close their positions or sell their tokens, resulting in an additional loss of 30%. The total decrease in value is now 61%.
Shib token has been continuously trying to resume its interrupted bullrun but was unfortunate in doing so back on Nov. 19, 11, and 5. On those days, tokens saw as much as 40% growth in a single day, but then quickly fell back due to strong selling pressure.
Token’s fundamental growth
While some Shiba Inu community members are not happy with the token’s performance in recent weeks, the fundamental factor that includes a number of holders may be more important for the asset’s future than short-term price action.
According to the market history of similar coins like Dogecoin, the price of an asset cannot increase in the long term solely based on community enthusiasm or news like Tesla adoption. Coins with a stronger fundamental background like Ethereum or Solana tend to move higher in price due to having use cases for day-to-day use.
