Despite recent bearish moves, Shiba Inu (SHIB) continues to defy market pessimism and represents one of the strongest community-driven statements of faith in the cryptocurrency industry.
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According to the latest data from Etherscan, over 1.54 million wallets currently hold SHIB despite an 18% monthly decline and continued selling pressure. This steady increase in the number of wallets shows that investor interest is increasing even though the token has struggled to rise above the $0.00001 level.
SHIB's price trends to downside on the daily chart. Source: SHIBUSD on Tradingview
Investor confidence in Shiba Inu remains strong as the number of wallets increases
The increase in ownership, while modest, reflects continued confidence in the Shiba Inu’s long-term prospects. On-chain analyst Etherscan_SHIB described this trend as “strong momentum” and noted that new investors continue to enter the ecosystem despite the volatility.
Currently, the trading price of Shiba Inu (SHIB) is close to $0.00000985, with a market capitalization of approximately $5.86 billion, down more than 47% year-on-year. Nevertheless, the community’s ability to expand during bear cycles highlights the meme coin’s enduring cultural and retail appeal.
Currency inflows raise short-term concerns
Despite strong community participation, short-term risks remain high. According to CryptoQuant data, Shiba Inu’s foreign exchange reserves increased by more than 56.6 billion SHIB within 24 hours, indicating increased selling interest.
The movement of tokens from self-custody to exchanges usually indicates short-term profit taking or concerns about further decline.
Analysts also note the formation of a descending triangle on SHIB’s chart, a bearish technical pattern that often precedes a breakdown. The base support near $0.00001052 has been tested multiple times since April, and a confirmed breach could push the price towards $0.000006.
Nevertheless, the Shiba Inu’s ability to avoid “adding more zeros” to its prices this week was hailed as a small but meaningful psychological victory for its owners.
Can Token Burn and Sibarium lead the rebound in 2025?
Analysts are divided on whether SHIB can make a strong comeback in 2025. Optimists cite growing Shibarium layer 2 adoption and active token burn mechanisms as potential catalysts for a long-term recovery.
These mechanisms are aimed at reducing SHIB’s massive 589 trillion supply, which critics argue is the biggest barrier to significant price increases.
Bullish forecasts suggest that SHIB could retest $0.000025-$0.00005 in a strong market in 2025 if the burn accelerates and network utility grows. However, some warn that sustained gains will depend on Shiba Inu delivering on the promise of DeFi, Metaverse, and NFT markets.
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For now, price trends remain fragile, but the loyalty of 1.5 million owners underscores the undeniable truth that the Shiba Inu community has not given up on its fight for resurgence.
Cover image is from ChatGPT, SHIBUSD chart is from Tradingview
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