According to data released by Glassnode on January 6, Shiba Inu (SHIB) has recently passed 3.74 million total addresses, marking a noteworthy milestone. With 1,373 new addresses established on the specified date, it is clear that the number of new addresses is still rising.
Based on CoinMarketCap statistics as of January 5, additional study of the Shiba Inu ecosystem shows that 1.23 million of the total addresses own tokens worth between $0 and $1K. Furthermore, tokens priced between $1K and $100K are held by 92.4K addresses, while tokens valued at $100K and beyond are held by 1.99K addresses.
Even if there are more addresses, the price of Shiba Inus is having trouble rising. The SHIB price is now $0.000009469, according to data from CoinMarketCap. This is a reduction of 1.56% over the last day and a decline of 10.24% for the last seven days.
Shiba Inu’s uncertain state
There are concerns over the current status of Shiba Inus on the market given this discrepancy between the rising number of addresses and the poor pricing performance. The price changes of cryptocurrencies have been keenly observed by fans and investors, particularly in light of recent worries about their stability and future growth.
Notably, Shiba Inu has seen many price increases that point to a rising market position. On the Shiba Inu price chart, these spikes have been often followed by sharp drops, which has eroded profits and raised questions about the stability of the token as a whole.
As U.Today has previously highlighted, the erratic and unpredictable price changes of Shiba Inus paint a picture of a volatile situation. The token has repeatedly struggled to maintain its upward trajectory, going through abrupt retreats and closing each rally below the $0.00001 barrier.
The cryptocurrency market is still very dynamic and affected by a lot of different things, like mood in the market and outside events. As such, the Shiba Inu community is looking forward to anything new that could have an effect on the direction of the coin. Market players will probably be looking for indications of a long-term uptrend or a solution to Shiba Inu’s present problems.
